• Inward looking trade policy focuses on protecting domestic industries by imposing tariffs, quotas, and other barriers to limit imports.
• The main goal of this policy is to promote self-sufficiency and protect domestic jobs from foreign competition.
• It often leads to higher prices for consumers due to reduced competition and limited choices in the market.
• Inward looking trade policy can also lead to inefficiencies in the economy as domestic industries may become complacent without facing international competition.
• This policy can hinder economic growth and innovation as it discourages specialization and trade with other countries.

• Outward looking trade policy focuses on promoting free trade and open markets by reducing barriers to international trade.
• The main goal of this policy is to increase efficiency, competitiveness, and economic growth by allowing countries to specialize in producing goods and services where they have a comparative advantage.
• Outward looking trade policy encourages innovation and technological advancement as countries engage in global trade and exchange ideas.
• It leads to lower prices for consumers due to increased competition and a wider variety of products in the market.
• This policy can also create opportunities for domestic industries to expand their markets and access new customers abroad.