import restrictions

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Related to Trade barriers: Tariff Barriers

import restrictions

or

trade barriers

the limitation of IMPORTS into a country by a variety of techniques, e.g. TARIFFS, QUOTAS, IMPORT SURCHARGES, IMPORT DEPOSITS, EXPORT RESTRAINT AGREEMENT and FOREIGN EXCHANGE CONTROLS. The aim of import restrictions is to assist in the removal of a BALANCE-OF-PAYMENTS deficit and as a means of protecting domestic industries against foreign competition. In general, these practices are contrary to the rules of the WORLD TRADE ORGANIZATION (WTO), but the WTO has been powerless to stop them in many cases (see, for example, the MULTI-FIBRE ARRANGEMENT). See PROTECTIONISM, BALANCE OF PAYMENTS EQUILIBRIUM.