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Terms in this set (17)
An enforceable treaty between two or more countries that involves the movement of goods and services, elimination of trade barriers, establishment of terms of trade and encouragement of foreign investment.
North American Free Trade Agreement (NAFTA)
Trade agreement launched in January 1994 between Canada, US and Mexico, which sets the rules surrounding the movement of goods, services, and investments across North America. The countries involved in NAFTA form the world's largest free trading area.
European Union (EU)
A trade agreement signed on Nov 1, 1993, encompassing 27 countries in Europe and a population of almost half a billion people. It has its own flag, anthem, and currency, and common financial, security, and foreign policies.
The European currency unit adopted by the European Union and used in most of the EU countries.
Groups established to help with the free flow of goods and services. These organizations may be global in their scope, such as the WTO or APEC, or they may be national organizations created by individual governments to help domestic companies expand into international markets.
World Trade Organization (WTO)
An international organization established in 1995 (150+ member countries) that promotes trade liberalization throughout the world. 3 main purposes: provide a forum for countries to negotiate trade, provide rules that guide trade between nations, and help settle disputes that arise over the interpretation of trade agreements.
Asia-Pacific Economic Co-operation (APEC)
A trade organization, created in 1989, that unites 21 of the countries surround the Pacific Ocean to co-operate on regional trade. APEC is not established by treaties but based on consensus, and commitments are voluntary.
Group of Eight (G8)
A trade organization encompassing the major economies of the world- France, US, Canada, Great Britain, Italy, Germany, Japan, and Russia - which meet to discuss macroeconomic issues such as economic growth, trade liberalization and helping developing countries.
Group of Twenty (G20)
A trade organization established during the economic crisis of the 1990s to provide a discussion forum for the major economies of the world beyond the G8. The G29 focuses on economic and employment growth, elimination of trade barriers, reforming financial institutions and regulations, and restructuring global financial organizations such as the IMF and World Bank.
Organization for Economic Co-operation and Development (OECD)
30 member countries, established 1961 to promote advancement of democracy and market economies. OECD members have worked together to eliminate bribery, money laundering and fraud, and to create a code of conduct for multinational companies.
An organization of 186 member countries that provide monetary and technical support for developing countries. The World Bank is composed of 2 separate institutions: International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)
International Monetary Fund (IMF)
An organization with 186 member countries whose purpose is to promote financial stability, prevent and solve economic crises, encourage growth, and assuage poverty, by encouraging countries to adopt responsible economic policies, lending money to emerging and developing countries and providing technical training in areas such as banking regulations and exchange rate policies.
The process whereby national or regional economies and cultures have become integrated through new global communication technologies, foreign direct investment, international trade, migration, new forms of transportation and flow of money.
Regards the world as one big market. The product and its marketing are uniform across the globe. Key decisions are centralized at corporate headquarters in the business's home country
This strategy tries to customize products, services, and marketing for the local culture and is effective when cultural differences are prominent. Decisions are decentralized and made with local needs and customs in mind.
Tries to combine best of both GLOBAL and MULTIDOMESTIC. Respects needs of local market while maintaining efficiencies of a global strategy.
United Nations (UN)
A distinctive organization of countries that strives for world peace and social advancement. Established in 1945 during WWII by world leaders as a mechanism to create peace and eliminate war. Purposes: keep peace, develop friendly relations among nations, work together to help the poor, conquer disease hunger and illiteracy, encourage respect for rights and freedoms, help nations to achieve these goals
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