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Introduction of the Italian Tariff Policy

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Submitted By Nick0412
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Introduction of the Italian tariff policy
From Jan 1st, 1993, European Union decided to cancel all tariff inside it which means all the product, labor, service and capital can freely transport within European. Italy, as a member country of EU, implements the common tariff policy with other member countries. Italy recorded a trade deficit for several decades, largely due to the fact that the country lacked energy resources and was entirely dependent on imports for its supply. However, the 1990s brought a change of fortune, beginning with the devaluation of the lira in 1992 which allowed many businesses to compete in overseas export markets, particularly in Asia markets and the United States. The reduction of oil and gas prices in the mid-1990s gave a further boost to small and medium-size companies, as did their aggressive promotion of their products, which enabled them to penetrate foreign markets. Today, "Made in Italy" is in many countries a well-regarded indication of quality. Italy benefits from the EU free market, which is not subject to any trade barriers or tariffs, and 56.8 percent of Italian exports, went to other EU countries in 1999. Italy's main export destinations within Europe are Germany (16.4 percent), France (12.9 percent), the United Kingdom (7.1 percent), Spain (6.3 percent), and the Netherlands (2.9 percent). The country's biggest commercial partner outside Europe is the United States, which takes 9.5 percent of Italy's export goods. Trade (expressed in billions of US$): | | exports | Imports | 1975 | 34.988 | 38.526 | 1980 | 78.104 | 100.741 | 1985 | 76.717 | 87.692 | 1990 | 170.304 | 181.968 | 1995 | 233.998 | 206.040 | 1998 | 242.332 | 215.887 | | | | SOURCE: International Monetary Fund. International Financial Statistics Yearbook 1999. |
Recently, a number of Asian countries have...

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