Selling products and services to other nations is known as exporting.

Importing is the process of acquiring goods and services from other nations.

(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.

(a) In order to protect local producers, significant import duties remain on certain agricultural products (such as chicken and vegetables) and consumer goods. Certain items such as beverages and tobacco, motor vehicles, and some agricultural products carry an additional stamp duty (ASD) and special consumption taxes (SCT). Most imported items, in commercial quantity are also subject to a 21.5 percent General Consumption Tax (GCT). (Excerpt taken from Jamaica Trade Barriers ECC Communications @trade.gov)

Outline two (2) reasons governments continue to impose tariffs on agricultural products in the Caribbean.

(c) Explain Terms of Trade (T.O.T.) and two (2) factors that can determine a country's Terms of Trade.

(d) Describe two (2) reasons why countries engage in trade and discuss any two (2) arguments against free trade.

Please include reference