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| Regional Economic integration |
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Definition
| Agreements among countries in a geographic region to reduce and ultimate remove terrift and no territ barriers to the free flow of goods services and factors of production between each other! |
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| All barriers to the trade of goods and services among member countries are removed |
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| European free trade association |
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Definition
| The emphasis of the efta had been on free trades on industrial goods |
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| Eliminates trade barriers between member countries and adopts an external trade policy |
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| Has no barriers to trade among member countries, includes a common extents trade policy and allows factors of production to move freely among others |
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| Involves the free flow of products and factors of production among other countries and the adoption of a common external trade policy but it also requires a common currency harmonization of meme era tax rates and a common monetary and physical policy |
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| Which a central political apparatus coordinates the economic social and foreign policy of the member states |
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| Occurs when high cost domestic producers are replaced by low cost producers who thin the free trade area |
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| Occurs when lower cost external suppliers are replaced with the high cost suppliers within the free trade area |
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Definition
is the product of two political factors
1. the devstation of western europe during two world wars and the desire for everlasting peace.
2. The european nations desire to hold their own on the worlds political and economic stage
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| is responsible for preposing elegslation, implimiting it and monotoring compliance EU laws by member states |
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| represents the intrest of memerstates. It is celarly the ultimeate controlling athority within the EU because draft legeslation from the commision can become EU Law only if the council agrees. |
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with as of 2014 has 754 members is directily elected populations of the memer states
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| which is compormised of one judge from each country is the supream appeals court for EU law |
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| simularities in the underlying structure of economic activity make if feasible to addopt a single currency and use a single exchage rate as an insturmant of macroeconomic policy |
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Term
| Nort American Free Trade Agreement |
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Definition
The contents of NAFTA include the following
- Abolition by 2004 of tarrifts on 99 percent of the goods traded among Mexico, Candada and the US
- Removal of most barrieres on the cross-border flow of sercies, allowing financial institutions for example, unrestricted access to the Mexican market by 2000.
- Protection of intellectual property rights
- Removal of most restrictions on foreign direct investment among the three member countries, although special treatment (protection) will be given to mexican energy and railway industeries, Amercian airline and radio communications industries and canadian culture
- application of national environmental standards, provide such stanards have a scientific basis. lowering of standards to lure investments is described as being innappropriate
- establishment of two commissions with the power to impose fines and remove trade pricileges when environmental standards or leislation involving health and safety, minimum wages or child labor are ignored
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Definition
| was largely based on the EU model, but was far less successful at achieving its started goals. |
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Term
| Central American Common Market |
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Definition
| two other trade pacts in the americas have not made much profgress. In early 1960's Costa Rica, ElSalvador, Guatemala, Honduras and Nicaragua attempted to set up a CACM |
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Term
Central America Free Trade Agreement
CAFTA |
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Definition
| the aim is to lower trade barriers bewtween the US and the six countries for msot goods and servies |
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| established in 1973. Howerver, it repeateldy faild to progress toward economic intergration |
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Term
Single Market and Economy
(CSME) |
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Definition
establishe in early 2006 by 6 CARICOM members
Modeled on the EU Single market, CSME gola is to lower trade barriers and harmonize macroeconomic an dmonetary policy between member states |
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Term
Association of the Southeast Asian Nations
(ASEAN)
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Definition
inclueds Brunei, Cambodia, Indonesia, Laos, Malasyia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
Laos 600 million people with a combined CDP of some 2 trillion. The basic objective of ASEAN is to foster freer trade among member countries and to achieve cooperation in their industrail policies. Progress so far has been limited, however. |
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