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Simple English definitions for legal terms
nontariff measure
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A quick definition of nontariff measure:
Term: Nontariff Measure
Definition: A rule or law made by a government that affects international trade, but is not a tax on imported or exported goods. This can include policies that make trade easier or harder. It is often abbreviated as NTM and is different from a nontariff barrier.
A more thorough explanation:
Definition: A nontariff measure is an official policy that affects international trade conditions, excluding tariffs. It can either increase or restrict trade. Nontariff measures are abbreviated as NTM and are different from nontariff barriers.
Examples:
- Quotas: A limit on the quantity of a product that can be imported or exported.
- Embargoes: A complete ban on trade with a particular country or region.
- Product standards: Regulations that require products to meet certain safety, health, or environmental standards before they can be imported or sold in a country.
The examples illustrate how nontariff measures can either increase or restrict trade. Quotas and embargoes limit the amount of goods that can be traded, while product standards can increase trade by ensuring that products meet certain quality requirements.