Definition: Trade negotiations refer to formal discussions and bargaining processes between two or more countries or trading blocs to reach agreements on the terms and conditions of international trade.
Objectives: The primary objective of trade negotiations is to remove barriers to trade, promote economic growth, and enhance market access for goods and services.
Tariffs and Non-Tariff Barriers: Trade negotiations often focus on reducing or eliminating tariffs (taxes on imports) and non-tariff barriers (such as quotas, licensing requirements, and technical regulations) that hinder trade flows.
Reciprocity: Trade negotiations often follow the principle of reciprocity, where concessions made by one party in reducing trade barriers are reciprocated by the other party.
Trade Agreements: Successful trade negotiations result in trade agreements that outline the terms and rules governing trade relations between the participating countries or blocs.
Regional vs. Bilateral: Trade negotiations can be either regional, involving multiple countries within a geographic area, or bilateral, between two countries.
WTO and Multilateral Negotiations: The World Trade Organization (WTO) facilitates multilateral trade negotiations among its member countries to establish global trade rules and resolve trade disputes.
Market Access: Trade negotiations often aim to improve market access for exports, allowing businesses to reach new customers and expand their international presence.
Intellectual Property Rights: Negotiations may also address intellectual property rights protection and enforcement to safeguard innovations and creativity in international trade.
For more such interesting stuff, click on the link given below