How to implement (ieviest) protectionism? It can be done in several ways:
• For example, with enforcing tariffs which are imposed on imported goods. Import tariffs will increase the price of imported goods in the local markets, in such a way lowering the quantity of imported goods.
• To reduce the quantity and therefore increase the market price of imported goods can be used import quotas.
• There can be used Administrative Barriers: Countries are sometimes using their various administrative rules (attiecībā uz) regarding food safety, environmental standards, electrical safety as a way to introduce barriers to imports.
• Protectionism can be implemented with operating in compliance with Anti-dumping legislation. It is usually used to impose trade tariffs on foreign exporters.
• Government can enforce direct subsidies in the form of lump-sum payments(vienreizējs maksājums) or cheap lokans. Those are sometimes given to local firms that cannot compete well against foreign imports.
• To increase exports, government can use export subsidies.
• To implement protectionism can use also Exchange rate manipulation: it means that government may intervene(iejaukties) in the foreign exchange market to lower the value of its currency by selling its currency in the foreign exchange market. Doing so will raise the cost of imports and lower the cost of exports.
- European Union Institutions
- International Trade in Latvia, Poland and European Union
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