Which trade strategy have developing countries used to restrict imports of manufactured goods so that the domestic market is preserved for home producers, who thus can take over markets already established in the country?
A) international commodity agreement
B) export promotion
C) multilateral contract
D) import substitution

Question

Quizplus · Accepted Answer

Import substitution is the trade strategy that developing countries have used to restrict imports of manufactured goods so that the domestic market is preserved for home producers, who thus can take over markets already established in the country. This involves developing the domestic industry to replace imports of goods that were previously purchased from foreign countries.

Which Trade Strategy Have Developing Countries Used to Restrict Imports