This variant of import quota has some merits. On the opposite, the agreed tariff quota is one, which is the result of some agreement between the quota-imposing country and one or more foreign countries. The autonomous tariff quota is fixed by decree or law. A tariff quota is either an autonomous quota or agreed quota. The imports in excess of this specified quantity are subject to a relatively higher rate of tariff.
#Quota buster meaning free
In the case of tariff or custom quota, a certain specified quantity of a commodity is allowed to be imported by the government of the importing country either duty free or at a low rate of import duty. The main types of import quotas are as below: (viii) To check the speculative imports in anticipation of changes in exchange rates, tariff rates and internal money and credit policies, the government may take resort to import quota.
(vii) To retaliate against the restrictive trade policies adopted by some of the foreign countries. (vi) To improve the international bargaining position of the country through allocating larger import quotas for the products of such countries as allow a liberal inflow of the products of the home country. (v) To discourage conspicuous consumption by the wealthy sections through placing quota restrictions on the import of luxury goods. (iv) To ensure the stabilisation of the internal price level by properly regulating the imports of goods from abroad. (iii) To conserve the scarce foreign exchange resources of the country and to direct their use for high-priority import items.
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