Which of the following steps can be taken to make NTM rsquo s better i Regulatory audits conduction ...........

Economic and Social Issues Liberalization, Privatization and Globalisation

According to recently published “The Asia-Pacific Trade and Investment Report 2019”, non-tariff measures (NTMs) have increased in the past two decades. Non-tariff measures (NTMs) are policy measures — other than ordinary customs tariffs — that can potentially have an economic effect on international trade in goods, changing quantities traded, or prices or both. A detailed classification is therefore critical in order to clearly identify and distinguish among the various forms of NTMs. The International Classification of NTMs follows taxonomy of all measures considered relevant in today's international trade. This classification comprises technical measures, such as sanitary or environmental protection measures, as well as others traditionally used as instruments of commercial policy, e.g. quotas, price control, exports restrictions, or contingent trade protective measures, and also other behind-the-border measures, such as competition, trade-related investment measures, government procurement or distribution restrictions.

Which of the following steps can be taken to make NTM’s better?

i Regulatory audits conduction

ii Trade Facilitation

iii Addressing Infrastructure Gaps

iv Regional Efforts

Select the correct answer using the code given below

i. ii and iii only

ii, iii and iv only

i. iii and iv only

all of the above

none of these

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Explanation:

Following steps can be taken to make NTM’s better

•Regulatory audits: Countries should conduct regulatory audits to review of existing NTMs to eliminate unnecessary ones, and to improve the design of existing and future measures, to ensure that there is no unnecessary burden on compliant traders.

•Trade Facilitation: Measures towards elimination of NTMs such as WTO Trade Facilitation Agreement (TFA) can reduce cost of NTMs.

•Addressing Infrastructure Gaps: Increasing availability of quality infrastructure (e.g. SPS testing labs, accreditation system for labs etc.), supported by mutual recognition of standards and accreditation, can reduce trade costs and duplication of compliance efforts.

•Regional Efforts: Regional economies can increasingly address NTMs through trade agreements, with appropriate measures for harmonization to reduce processing time and dispute settlement.