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Ch. 8

The Export-Import sector

TermDefinition
Net Exports= Exports-Imports
Specialization the division of productive activities so that no one is self-sufficient
Exchange the process of trading
Balance of trade the difference between the value of our imports and our exports
Negative balance of trade when we import more than export (trade deficit)
Exchange rates the prices of foreign currency
Offshoring occurs when work that had been performed at home is sent abroad
North American Free Trade Agreement (NAFTA) provides for free trade among the US, Canada, and Mexico. Ratified in 1993
Central American- Dominican Republic Free Trade Agreement (CAFTA) provides for eventual free trade among the US, Dominican Republic, Costa Rica, Honduras, Nicaragua, Guatemala, and El Salvador.
The European Union (EU) Free trade association of 28 nations
China- ASEAN Free Trade Area Formed in 2010, world's 3rd largest free trade area with China and Association of Southeast Asian Nations
World Trade Organization (WTO) The successor organization to GATT, which handles all trade disputes among member nations
GATT General Agreement on Trade and Tariffs. Drafted in 1947. Uniform system of rules for the conduct of international trade
International Monetary Fund (IMF) an organization of over 150 nations set up as a lender of last resort
World Trade Organization (WTO) Set up in 1995 as a successor to GATT. Purpose is to promote free trade. 3 major principles: 1) Liberalization of trade 2) Nondiscrimination - the most-favored-nation principle 3)No unfair encouragement of exports
Most-favored-nation principle members of the WTO must offer all other members the same trade concessions
Created by: ltameirao
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