TeachMeFinance.com - explain Import quota
Import quota The term 'Import quota ' as it applies to the area of agriculture can be defined as ' A trade barrier that sets the maximum quantity (quantitative restriction) or value of a commodity allowed to enter a country during a specified time period. The Uruguay Round Agreement on Agriculture requires the conversion of import quotas and other quantitative restrictions to tariff-rate quotas and/or bound tariff rates'.
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