Trade Barriers Trade barriers are any type of policy implemented by a government to constrain and control international trade. Trade barriers will affect imports and exports, making them more difficult or expensive according to the situation. Trade barriers are used for a variety of reasons. They can be implemented to increase and protect domestic goods over imported ones, manage the flow of goods in and out of a country, and for political reasons. Tariffs are a type of trade barriers. They are the taxes imposed on importers. When tariffs are implemented, they raise the taxes on imported goods, making them more expensive in price and lower sales. This process leads to an increase in the purchase of domestic products. Other types of trade barriers include: quotes, subsidies, import licenses, standards and regulations, and many more. Tariffs; The Process As mentioned above, tariffs raise the price of foreign goods for domestic consumers. When tariffs are imposed, the im...
BRICS consists of five and more countries including Brazil, Russia, India, China, South Africa, Saudi Arabia, Iran, Ethiopia, Egypt, United Arab Emirates (UAE), and Indonesia. These developing economies have joined together to build a stronger influence in the global market and between each other. BRICS was initially established in 2009 with four members, Brazil, Russia, India, and China. South Africa joined in 2010. The most recent member is Indonesia that joined in early 2025. The purpose of BRICS is to reduce the reliance of the member countries on the US Dollar. All the members are non-European/Western countries and seek new policies and methods to grow their economies without being affected by the Western countries. BRICS can affect both politics and economics around the world. According to the BBC, containing countries like China and India, BRICS has about 45% population of the world. And about 28% of the world’s GDP. Combining all the members annual GDP, it is...