Trade policies and agreements Flashcards
1
Q
free trade
A
- absence of government intervention
2
Q
protectionism
A
- departure from free trade designed to give some protection to domestic industries from foreign competition
3
Q
tariffs
A
- tax on imports
4
Q
non-tariff barriers (NTBs)
A
- qualitative restrictions
5
Q
Canada-U.S. - Free Trade Agreement (1988)
A
- continuation of trade liberalization between countries
6
Q
North American Free Trade Agreement (NAFTA) (1993)
A
- free trade zone between Canada, US, & Mexico
7
Q
European Union (EU)
A
- began in late 1950s with 6 Western European members
- now, close to 30 members
- free trade zone within EU and common policies towards outside countries
