tariff and non-tariff barriers within regional economic blocs

Tariff barriers refer to taxes or duties imposed on imported goods or services within a regional economic bloc, which increase the price of those goods and make them less competitive compared to domestic products. Non-tariff barriers, on the other hand, encompass various regulations, policies, and requirements that restrict or impede trade between member countries of a regional economic bloc, such as quotas, licensing requirements, technical standards, and bureaucratic procedures. Together, these barriers limit the free and fair flow of goods and services within the bloc and protect domestic industries from foreign competition.

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