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Reflection on Government Trade Policy Assignment Help

Q. whose interest should be the paramount concern of government trade policy - the interest of producers (businesses and their employees) or those of consumers?

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Government trade policy refers to the set of rules and regulations which Government does employ for the sake of promotion of trade and business in the country. When it comes to the ultimate objectives of the policy, government trade policy can think of two different options, one is consideration of the interests of the public and the other is consideration of the interests of the producers. If the policy supports total free trade (Meyer, 2017) the benefits it can render to the consumers will be enormous, there will be sufficient set of options for the consumers for purchase and they can the best commodities at least possible price, the value for price will be higher in such environment. At the same time, if the government wants to protect interests of the traders, it can think of employing protective trade policies in the country, by doing so they can restrict foreign traders and can protect the interests of less competitive local producers. However this will not be of much use for the consumers looking for better products at the same price (Rugman & Vegbeke, 2017).

Example of the protectionist policies includes European policies in the eighteenth and nineteenth century till they attain industrial prominence. In recent years, the policies implemented by GATT etc reflect protectionist policies, however they are not totally reflective of the protectionist policies rather they do limit the protectionist policies. North American Free trade agreement is an example of free trade policy done in the recent years to promote the free trade and commerce to protect consumer interests between united states, Mexico and Canada.

So, as a neutral entity with equal consideration towards both consumers and the general public, government is required to formulate trade policies that do protect interests of both consumers as well as that of producers. However when speaking on broad scale, there is need for consideration to the current economic model of the country as well. Suppose the country is in the start of the development process, there is much to do for letting the services and good be availed in the country. As in the early stages of the economic progression, the industrial development in the country will be limited and there will be much to do for the development of the organizational industry and at the same time the current needs of the consumers in the country will be required to be fulfilled, in such cases, there is need to make open the free trade and products from outside can be allowed into the countries, this will meet the immediate needs of consumer requirements in the country, however in the later stages as industry establishment progresses, there can be change over to protective trade policies(Marshal,2015) can be drafted with consideration to the prevailing conditions as at that moment. They can focus on conditions specific to the particular industry; environment etc and regulations can be drafted accordingly (Bieler et al., 2017).

Typical measures to protect consumer interests include reducing the internal taxations on the specific product, allowing foreign products at subsidized taxation rate, letting free trade license to several competitors from the global markets etc. Same time protective policies include restrictions on the imports, freedom in pricing etc. In any case the right and best strategy is dynamic and can be varied in accordance with the prevailing conditions.

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