Trade policy
Trade policy: the complete framework of laws, regulations, international agreements and negotiating stances adopted by government to achieve legally binding market access for domestic firms. Trade policy also seeks to develop rules providing predictability and security for firms. Fundamental components of trade policy are most-favoured-nation treatment, national treatment, transparency and exchange of concessions. To be effective, trade policy needs to be supported by domestic policies to foster innovation and international competitiveness, and it needs to be conducted with flexibility and pragmatism. It is worth bearing in mind the observation by Bernard Hoekman and Michael Kostecki in The Political Economy of the World Trading System that trade policy is by definition a nationalistic policy in that it discriminates against foreign producers. Put differently, it represents the international dimension of national policies adapted for domestic reasons. See also commercial policy, common commercial policy and four pillars of trade liberalization.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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