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Unit 39 M1
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M1. Assess the methods to increase trade between countries and the methods to restrict trade between countries
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M1. Assess the methods to increase trade between countries and the methods to restrict tradebetween countries
There are many different methods countries can use to promote or restrict international trade. In each
case, the choice of methods can have wide ranging economic and political consequences. In this
assignment I will cover two methods that promote international trade and two methods that restrict
international trade. Enjoy 😊
Free Trade agreements (promote)
Free Trade Agreements (FTAs) have proved to be one of the best ways to open up foreign markets to
exporters. Trade Agreements reduce barriers to exports and protect interests and enhance the rule of
law in the FTA partner country. The reduction of trade barriers and the creation of a more stable and
transparent trading and investment environment make it easier and cheaper for companies to export
their products and services to trading partner markets.
FTA is the freedom to trade in a particular country versus a regulated country. For example Philips, a
Dutch company is allowed to import its (electronic) products into the United Kingdom without paying
certain taxes. Philips specialises in production of (electronic) products and free trade with the United
Kingdom enables specialisation in the production of these products. Thus leading to a comparative
advantage. With specialisation they are able to take advantage of efficiencies generated from
economies of scale and increased output. Consumers in the United Kingdom benefit in the domestic
economy as they can now obtain a greater variety of good and modern products from Philips.
Fact: “In 2015, 47 percent of U.S. goods exports went to FTA partner countries. U.S. merchandise
exports to the 20 FTA partners with agreements in force totaled $710 billion. The United States also
enjoyed a trade surplus in manufactured goods with our FTA partners totaling $12 billion in 2015.”
according to the government of the United States.
Below you can see a map of all the countries allowing FTA.
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