is Commercial Policy?
Definition and Explanation:
In the words of Haberler:
"By commercial policy or
trade policy is meant all
measures regulating the external economic relations of a country, that is
measures taken by a territorial government which has the
power of assisting or hindering the exports or imports of
goods and services".
In modern times, the commercial
policy of every country is generally based on the
encouragement of exports and discouragement of imports. The
exports are encouraged by giving preferential freight rates
on exports, consular establishments subsidized merchant
marines etc., etc. The imports are hindered by erecting the
tariff wails, exchange controls, quota system, buy at home