Distinguish between:
- Bilateral and multilateral trade.
- Tariff and Non-Tariff barriers.
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- Bilateral trade is the trade of goods and services between two countries whereas multilateral trade is the trade of goods and services with more than two countries.
- Due to bilateral nature of trade the cooperation between the two countries is encouraged, whereas in multilateral trade globalisation is encouraged.
- Tariff barriers refer to the restrictions imposed on imports by a government in the form of taxes, whereas non-tariff barriers refer to those barriers/ restrictions imposed by a government in forms other than taxes. These barriers mainly include restrictions on quantity and quality of goods imported.
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