- Commercial policy
A commercial policy (also referred to as a trade policy or international trade policy) is a governmental policy governing trade with third countries. This covers tariffs, trade subsidies, import quotas, Voluntary Export Restraints, restrictions on the establishment of foreign-owned businesses, regulation of trade in services and other barriers to international trade.
These are sometimes restricted within a customs union. In the case of the European Union, commercial policy has been dealt with in common since it was created in 1957. A common commercial policy is also an aim of Mercosur.
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