In the technical language of the World Trade Organization (WTO) system, a safeguard is used to restrain international trade in order to protect a certain home industry from foreign competition. A member may take a “safeguard” action (e.g. restrict importation of a product temporarily) to protect a specific domestic industry from an increase in imports of any product which is causing, or which is threatening to cause, serious injury to the domestic industry that produces like or directly competitive products.
Read more about Safeguard: Background
Famous quotes containing the word safeguard:
“There is one safeguard known generally to the wise, which is an advantage and security to all, but especially to democracies as against despots. What is it? Distrust.”
—Demosthenes (c. 384–322 B.C.)
“Once did She hold the gorgeous East in fee;
And was the safeguard of the West:”
—William Wordsworth (1770–1850)
“An impersonal and scientific knowledge of the structure of our bodies is the surest safeguard against prurient curiosity and lascivious gloating.”
—Marie Carmichael Stopes (1880–1958)