Social Science: Globalisation and the Indian Economy - Foreign Trade and Integration of Markets

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What is meant by trade barrier?

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Solution

Trade barrier means a restriction on foreign trade and investment set by the government to protect its domestic industries from foreign competition. Tax on imports is an example of a trade barrier.

Concept: Foreign Trade and Integration of Markets
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2014-2015 (March) All India Set 2

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“Foreign trade results in connecting the markets in different countries.” Support the statement in the context of globalisation.


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