I'm new to economics. I want to ask that what remedies that the government can actually employ to address the deficit/surplus in the fish trade balances over time?
(i) The government can strengthen the diplomatic relationship with foreign countries by signing five to ten years contract with the purpose of buying more Malaysia’s fish commodities but at a lower price. This action can increase the export of our country’s fish commodities and earn a long term profit. (ii) Provide the export incentive to local fish industries in order to help them remain competitive in the global market by exporting more fish commodities. Export incentive will reduce the cost of export and therefore increase the competitive force of local industry in global market.
(i) the government can eliminate the trade tariff in order to induce foreign countries to import more fish commodities in our country. This will make the import and export of Malaysia equivalence. (ii) The government can buy the fish commodities surplus of local fish industries and store them to reduce the export.
Is my answers correct? Is there better solution? Thanks in advance.