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Simple English definitions for legal terms
NTM
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A quick definition of NTM:
Term: NTM
Definition: NTM stands for Non-Tariff Measure. It refers to any policy or regulation that affects international trade but is not a tariff (a tax on imported or exported goods). Examples of NTMs include quotas, product standards, and licensing requirements. These measures can make it more difficult or expensive for businesses to trade across borders, and can impact the prices and availability of goods for consumers.
A more thorough explanation:
NTM
NTM stands for Non-Tariff Measure. It refers to any policy or regulation that is not a tariff (a tax on imported or exported goods). NTMs can include things like quotas, product standards, and licensing requirements.
- A country might require that all imported food products meet certain safety standards before they can be sold in the country.
- Another country might limit the amount of a certain product that can be imported each year.
- Some countries require that certain products be labeled in a specific way before they can be sold.
These examples illustrate how NTMs can be used to regulate trade between countries. By setting standards and requirements for imported goods, countries can protect their citizens from unsafe or low-quality products. However, NTMs can also be used as a way to limit competition from foreign companies.