Understanding Trade Agreements: GATT, WTO, FTAs, Customs Unions, and More, Quizzes of Marketing

Download Understanding Trade Agreements: GATT, WTO, FTAs, Customs Unions, and More and more Quizzes Marketing in PDF only on Docsity! TERM 1 General Agreement on Tariffs and Trade (GATT) DEFINITION 1 Treaty among nations to promote trade among members; established in 1947 TERM 2 World Trade Organization (WTO) DEFINITION 2 GATT was replaced by ________ in 1995 TERM 3 Preferential Trade Agreements DEFINITION 3 Free Trade Area Customs Union Common Market Economic Union TERM 4 Free Trade Area DEFINITION 4 Two or more countries agree to abolish tariffs and other barriers to trade amongst themselves; countries continue independent trade policies with countries outside agreement TERM 5 Customs Union DEFINITION 5 Like FTA, but includes the elimination of internal barriers to trade and establishes common external barriers to trade TERM 6 Common Market DEFINITION 6 Includes elimination of internal barriers to trade, establishes common external barriers to trade, and allows for the free movement of factors of production (labor, capital, and information) TERM 7 Economic Union DEFINITION 7 Includes the elimination of internal barriers to trade, establishes common external barriers to trade, allows for the free movement of factors of production, and coordinates and harmonizes economic and social policy within the union TERM 8 NAFTA (North American Free Trade Agreement) DEFINITION 8 Free trade area between Canada, U.S., and Mexico in which all 3 nations pledge to promote economic growth through tariff reductions and expanded trade and investment; BUT no common external tariffs and still restrictions on labor and other movements TERM 9 The Association of Southeast Asian Nations DEFINITION 9 ASEAN; made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam TERM 10 ASEAN plus six DEFINITION 10 Group of Asia-Pacific trading partners as well as Japan, China, Korea, Australia, New Zealand, and India