QUESTION Read the Case Scenario and answer ALL questions that follow. You should use supplementary research material to provide context and support your responses Tariff Flaws Crippling CARICOM Exports, Says Trade Expert "CARICOM is a customs union and the CET is really there to facilitate the development of the industry within CARICOM," said Hyatt, Chief Planning Analyst in the Ministry of Industry, Commerce, Agriculture and Fisheries. "So, for example, the manufacturing sector should be afforded some level of protection based on the CET because that's what it is there for, but it's not operating in that way. It doesn't facilitate development , so it needs to be addressed to really work as it was intended , " he charged during yesterday's agri-business forum hosted by the Inter-American Institute for Cooperation on Agriculture (IICA) and the Jamaica Manufacturers and Exporters Association at its head office in downtown Kingston "One of the major impediments to intra -regional trade is, in fact , the Common External Tariff The CET should be there to protect regional manufacturers and producers, but it doesn't do that," the senior technocrat told The Gleaner afterwards . The senior technocrat explained how countries such as Jamaica, which are self-sufficient in poultry and well ahead of its neighbours in production efficiency, sometimes still lose out to globally competitive producers like Brazil, based on economies of scale . UNCOMPETITIVE EXPORTS "So until the issue of the Common External Tariff is addressed and addressed seriously, then we'll continue to have these problems of trying to get products that we can produce fairly efficiently into our partner countries , " Hyatt added . For the period January to October 2018, Jamaica's trade deficit with CARICOM increased to US$351.2 million, up from US$276.3 million, for the corresponding period in 2017, according to the Statistical Institute of Jamaica . Last year , total imports were valued at US $414.1 million , a 20.7 per cent increase over 2017. On the flip side, total exports to CARICOM fell by 5.9 per cent to US$62.9 million, compared to the 2017 figure of US$66.8 million. Extract from Jamaica Gleaner, January 24, 2019 Using the case as reference answer each of the following question on a new page. Your report should include a title page, table of contents, introduction and references. (a) Describe the term 'International Trade.' (b) According to the case , "One of the major impediments to intra -regional trade is, in fact , the Common External Tariff (CET)." With the use of an example, explain how a tariff works and indicate how the CET may impede/impact Jamaica's trading relationships. Apart from tariffs, briefly describe any other TWO (2) trade restriction policies that may be implemented by a country or region . (c) Explain Terms of Trade (T.O.T.) and two (2) factors that can determine a country's Terms of Trade