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| The Association of Southeast Nations is a geo-political and economical organization that includes 10 Southeast Asian Nations to promotes free trade among member nations with the objectives of promoting peace, stability, and economic growth |
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| Comparative advantage refers to a situation where a country can produce a good at a relatively lower cost than other goods, even if it does not have an absolute advantage in producing any good, which can justify specialization and free trade. |
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| A customs union is the second stage of regional integration, where member countries eliminate tariffs on all trade with each other and develop a common external tariff toward outsiders. |
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| The Doha Round is the current trade-negotiation round of the WTO which has the objective to lower trade barriers around the world to increase global trade. |
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| The number of units of one currency that can be exchanged for a unit of another currency. |
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| Exchange rate devaluation |
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| A reduction in the official rate at which one currency is exchanged for another |
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| A monetary system in which central banks fix the value of their currencies in terms of gold and gold international reserves in gold. |
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| The total value of goods and services produced by domestically owned factors of production during a given year. |
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| Group of 20 in the World Trade Organization (WTO) |
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Definition
| Is a bloc of developing nations in the WTO led by Brazil, India, South Africa and China to improve the tariff quota system, and agricultural production |
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| When a state exhibits leadership, preponderant influence, or dominance in the international system |
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| International Monetary Fund (IMF) |
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Definition
| An international financial organization forming in 1944 to uphold the Bretton Woods system of pegged exchange rates (until the move to floating rates in 1973) and to provide countries with short-term loans for balance-of-payment problems. |
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| Monetary policies are the measures the government takes to influence the money supply such as to deal with a balance-of-payments deficit when its central bank limits public access to funds for spending purposes. |
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| Most-favored-nation (MFN) |
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Definition
| A principle stipulating that every trade advantage a WTO member gives to any state must be extended to all other WTO members. |
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| Organization for Economic Cooperation and Development (OECD) |
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| An organization of Western European states formed to develop a program to distribute Marshall Plan funds and facilitated moves toward currency convertibility and trade liberalization. |
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| Regulations to prevent importers from bringing goods into a free trade area though member states with lower duties and then shipping them to partner states with higher duties, which can be used as an excuse for protectionism. |
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| A principle of the WTO that allows states to counter unexpected import surges that cause serious injury to domestic industry. |
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| Trade-related intellectual property rights (RIPS) |
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Definition
| An agreement, at the Uruguay Round, that establishes minimum standards of protection for copyrights, patents, and other types of intellectual property. |
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