What is inward looking and outward looking trade policies?

Inward-looking trade policies, often referred to as protectionist policies, focus on shielding domestic industries from foreign competition through tariffs, quotas, and other trade barriers. These policies aim to promote local production and protect jobs within the country. In contrast, outward-looking trade policies emphasize free trade and international cooperation, encouraging exports and foreign investment to foster economic growth and integrate into the global market. These approaches can lead to increased competition, innovation, and access to a wider range of goods for consumers.