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Exporting And Importing Essay

890 words - 4 pages

Quiz Review
Word Bank
1. Fair trade

2. Guanxi
Connections usually referring to government contacts and influence.

3. ATC
In 1994, as a result of the Uruguay Round of negotiations, GATT was absorbed into the WTO. The WTO also absorbed the MFA, which was replaced by the ATC. The purpose of the ATC was to phase out the MFA and its quota system over ten years.

4. Free trade a agreements (FTAs)

5. Intellectual property rights
The WTO is not just about liberalizing trade. In some circumstances its rules support maintaining trade barriers, for example protecting intellectrual property rights, patents, trademarks, and copyrights, but it is difficult to protect them ...view middle of the document...

NAFTA (North American Free Trade Agreement)
In January 1994, perhaps in response to the establishment of the EU, the US, in cooperation with Canada and Mexico, formed the NAFTA, creating, at that time, the world’s largest free trade area or region without trade borders.

12. International trade
A segment of global business, trade between businesses or governments in two or more countries, is known as international trade.

13. GATT
Another one of Bretton Wood’s successes, first signed in 1947, was the GATT, an international agreement to encourage free trade among member states by regulating and reducing barriers to trade, and by providing a common mechanism for resolving trade disputes.

14. LCDs
Less-developed countries
Economically impoverished, poorest countries in the world, where trade is failing to make the contribution that it should for economic growth and to reduce poverty.

15. Quotas
Limits on the amount of certain categories of goods allowed to be imported from specific countries over a period of time, usually one year.

16. Euro
It has taken years for the member states to remove all the barriers to trade between them and to turn their common market into a genuine single market. and create a genuinely single market in financial services, which includes a single currency, known as the euro.

17. EU
One of the earliest, and historically most significant, examples of the new international order is the European Union, consisting of most of the nations of western Europe. It was established in 1993, to manage the economic and political integration of the member states.

18. WTO (World Trade Organization)
Established in 1995, it is the only global organization providing a forum for governments to negotiate trade agreements and a place for them to settle trade disputes....

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