Business Today

Free trade cannot be one sided

Lower import barriers work only if others also play fair

In the past 27 years, the tendency has been to shed all barriers to trade, both tariff and non tariff. As per the constitution of the World Trade Organization, or WTO, if any country raises barriers to trade, the affected country can use the dispute settlement mechanism to reverse the same.

Till recently, no country was arguing explicitly in favour of protectionism; rather, barriers erected earlier were

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