Abstract
Nontariff Measures (NTMs) encompass all policy instruments other than tariffs, from labeling requirements to macro-policies affecting trade. These measures have been growing as tariffs have been greatly reduced and sometimes eliminated through numerous global and preferential trade agreements such as those of the World Trade Organization (WTO) and its predecessor, as well as regional trade agreements (RTAs). Among NTMs particularly, sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBTs) have been proliferating. These measures have much in common as they act as standards affecting cost and potentially demand by addressing market imperfections (asymmetric information, external effects) (Bacchetta & Beverelli, 2012).
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