DOI: 10.5176/2251-3809_LRPP19.184
Authors: Ms. Nandita Chauhan
Abstract: The latest form of protectionism adopted by economies to safeguard their domestic industries from the consequences so to say of international trade of goods, have a negative impact on the smooth functioning of global trade. Recently, we have witnessed a surge in imposition of protectionist policies which flagrantly threaten the concepts of Free trade and Global efficiency. To say the least, the imposition of protectionist policies only make the present trading system of international trade vulnerable. Therefore, the need of the hour is for a peaceful and healthy coexistence, which necessitates acts of accountability and responsibility on behalf of representatives of all economies. The objective of this paper is to focus on the fundamental principles which govern International trade and the importance of keeping such fundamental principles alive for coexistence of economies. The paper in particular focusses on case studies which are a testament to the fact that the present system of adoption of protectionist measures is only the beginning of a global trade war. The paper posits the way forward to be adopted by various economies for existence of a healthy ecosystem for international trade to be in place. The concluding part of the paper outlines the steps to be taken to quell this threatening paralysis in the name of protectionism
Keywords: international trade law; protectionist measures; global trade war; impact on free trade and coexistence
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