17 terms

Trading relationships & Differential Access to Markets

STUDY
PLAY
TTIP
Transatlantic Trade and Investment Partnership, a proposed trade agreement between the European Union and the United States, with the aim of promoting trade and multilateral economic growth.
TTIP three main areas
Market access, specific regulation, and broader rules and principles and modes of co-operation
Economic gains of TTIP
TTIP would boost the EU's economy by €120 billion, the US economy by €90 billion and the rest of the world by €100 billion.
TPP
Trans-Pacific Partnership, an agreement between Twelve countries that border the Pacific Ocean signed in February 2016, the USA has withdrawn its signature so the agreement cannot come into force.
Goals of TPP
Deepen economic ties between Pacific nations, slashing tariffs and fostering trade to boost growth. Members had also hoped to foster a closer relationship on economic policies and regulation.
TPP countries
Represent roughly 40% of the world's economic output.
Differential access to markets
When certain countries are allowed access to different economies/trade blocs without being a member. Often used to benefit LICs.
Group of 77 and China
A coalition of developing nations, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations. 77 founding members have since expanded to 134 member countries (including China).
G20
International forum for governments and central banks of 20 major economies established in 1999 to give voice to major developing economies.
China's economy
Has grown rapidly over the past 50 years so can spread their wealth and influence globally
China's role in Africa
Land for food production, extraction of natural resources, migration of Chinese, Investment in infrastructure, developing industries, trade partner, providing loans, major construction projects.
Latin America
Has Mercosur which is a trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994. Its full members are Argentina, Brazil, Paraguay and Uruguay.
SDT
Special and differential treatment which give developing countries special rights and which give developed countries the possibility to treat developing countries more favourably than other WTO Members.
ODA
Official development assistance is a term coined by the Development Assistance Committee of the Organisation for Economic Co-operation and Development to measure aid
EBA
An initiative of the European Union under which all imports to the EU from the Least Developed Countries are duty-free and quota-free, with the exception of armaments. Established 2001
Name the 4 biggest exporters in the world
1. China 2. USA 3. Germany 4. Japan
Name the 4 biggest importers in the world
1. USA 2. China 3. Germany 4. Japan