Trade policy

A commercial policy (also referred to as a trade policy or international trade policy) is a governmental policy governing economic transactions across international borders. This covers tariffs, trade subsidies, import quotas, Voluntary Export Restraints, restrictions on the establishment of foreign-owned businesses, regulation of trade in services, and other barriers to international trade.

These are sometimes agreed by treaty within a customs union. In the case of the European Union, commercial policy has been governed in common since the EU was created in 1957. A common commercial policy is also an aim of Mercosur.

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