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| Regional Economic Integration |
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Definition
| Agreements among countries in a geographic region to reduce, and ultimately remove tarif and nontariff barriers to the free flow of goods, services and factors of production between each other. |
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| An area in which all barriers to the trade of goods and sercies among member counties are removed. |
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| European Free Trade Agreement (EFTA) |
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| The most enduring free trade area in the world, which focuses on free trade in industrial goods and currently includes Norway, Iceland, Liechenstein and Switzerland. |
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| A group of countries committed to eliminating trade barriers and adopting a common external trade policy. |
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| A group of countries committed to eliminating trade barriers, adopting a common external trade policy and allowing factors of production to move freely between members. |
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| A group of counties committed to removing trade barriers adopting a common currency, harmonizing tax rates and pursuing a common external trade policy. |
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| A central political apparatus coordinating the economic, social and foreign policy of its member states. |
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| Trade created within a free trade area due to the replacement of high-cost dometsic or external producers by low-cost external producers. |
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| Trade diverted within a free trade area when lower-cost external suppliers are replaced by higher-cost external suppliers. |
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| The regtional economical union of most European countries, formed as a result of the 2 world wars and the European nations' desire to hold their own in the world's political and economic stage. |
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| Signed in 1957, established the EC and was the forerunner of the EU and created the common European market. |
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| Responsible for proposing, implementign, and monitoring comliance with EU legislation: run by a group of commissioners appointed by each member country. |
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| The ultimate decion-making body of the EU. It passes legislation from the commission into law and is comprised of one representative from each member state's governments. |
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| Made of 732 meners directly elected by memer states' populations, it serves as a consultative body to debate and propse amendments to the legislation forwarded from the council. |
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| 2007 treaty designed to increase the power of the European Parliment. |
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| Comprised of one judge from each member state, this is the supreme appeals court for the EU law. |
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| Adopeted by memers of the EC in 1987, this act committed member countries to establish a single market by the end of 1992. |
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| A 1991 treaty committing members of the EC to adopt a common currency by 1999. |
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| An area of counties where similarities in the underlying econimic activity structure make it feasible to adopt a single currency and use a single exchange rate. |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| The free trade agreement among Canada, Mexico and the US and officially implemented in 1994. |
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| Based on the EU and begun in 1969. Agreement unites Bolivia, chile, Ecuador, Colombia, and Peru in free trade but, it had been unseccessful at achieving its states goals; renamed Andean Community in 1997. |
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| The free trade pact among Brazil, Argentina, Paraguay, Uruguay and Venezuela, originating in 1988. |
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Term
| Central American Common Market |
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Definition
| A trade pact among Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua, which began in the early 1960s but collaped in 1969 due to war. |
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Term
| Cental American Free Trade Agreement (CAFTA) |
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Definition
| The agreement of the member states of the central american common market joined by the Domincan Republic to trade freely with the US. |
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| Established in 1973 to promote a customes union between the English-speaking Caribbean countries by 1991, but it failed. |
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| Caribbean Single Market and Economy (CSME) |
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Definition
| Unites 6 CARICOM members in agreeing to lower trade barriers and harmonize macroeconomic and monetary policies. |
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| Association of Southeast Asion Nations (ASEAN) |
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Definition
| An attempt at regional economic integration among Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, The Philippines, Singapore, Thailand and Vietnam. |
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| An organization designed to increase multilateral economic cooperation between nations bordering the Pacific Ocean. |
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