Trade Agreement And Orgainzation Flashcards
(21 cards)
What does APEC stand for?
Asia-Pacific Economic Cooperation - trade organization that unites many of the countries surrounding the Pacific Ocean.
What does BRICS represent?
Brazil-Russia-India-China-South Africa - perceived to be the fastest growing countries in the world.
What is a cartel?
A group of independent producers (countries), who control supply and fix prices in an attempt to reduce market competition.
What is CUSMA?
Canada-United States-Mexico Agreement - An agreement that seeks to liberalize trade between the U.S., Mexico and Canada, and abolish tariffs and other trade barriers.
What is the Euro?
The official currency of 20 (of the 27) members of the EU.
What is the EU?
European Union - a trade agreement encompassing 27 countries in Europe (as of 2022) and a population of almost half a billion people. The EU has its own flag, anthem and currency. It also has common financial, security and foreign policies.
What does Grexit refer to?
Short for ‘Greek exit,’ - Greece’s potential withdrawal from the Euro-zone, and a return to the Drachma as its official currency instead of the Euro.
What is G7?
Group of Seven - trade organization encompassing the major economies of the world.
What is G20?
Group of Twenty - established during the economic crisis of the 1990s to provide a discussion forum for the major economies of the world.
What does IMF stand for?
International Monetary Fund - an international organization that promotes global economic growth, financial stability, encourages international trade and reduces poverty.
What is the Keystone XL Pipeline?
1,897km pipeline running from Alberta’s tar sands to Nebraska that could carry 830,000 barrels of oil/day.
What is LuxLeaks?
A secret tax agreement approved by Luxembourg authorities had provided tax avoidance for more than 350 companies around the world.
What does NAFTA stand for?
North American Free Trade Agreement - promotes free trade between Canada, Mexico and the U.S.
What is OECD?
Organisation for Economic Co-operation and Development - a trade organization for the advancement of democracy and market economies.
What does OPEC stand for?
Organization of the Petroleum Exporting Countries - an intergovernmental organization whose objective is to co-ordinate oil policies among its members.
What is the Paris Agreement?
A legally binding international treaty on climate change. (It was adopted by 196 Parties at COP 21 in Paris, on 12 December 2015 and entered into force on 4 November 2016.)
What is a trade agreement?
An enforceable treaty between two or more countries that addresses the movement of goods and services, eliminates trade barriers, establishes terms of trade, and encourages foreign investment.
What are trade organizations?
Groups established to help with the free flow of goods and services.
What is the World Bank?
An organization of 189 member countries that provides monetary and technical support for developing countries.
What does WTO stand for?
World Trade Organization - promotes the easing trade restrictions throughout the world.
