Exam 5: Global and Regional Economic Cooperation and Integration

_____ refers to a kind of economic cooperation wherein countries enter into an economic agreement to remove barriers to trade and adopt common economic policies.

The creation of regional trade agreements does not lead to:

How have the member countries benefited from the North American Free Trade Agreement (NAFTA)?

NAFTA rules state that:

Current account deficit refers to imports being greater than exports.

Explain GATS.

_____ refers to a kind of economic cooperation wherein member countries are free to independently determine trade policies with nonmember nations.

What are the advantages of creating regional trade agreements?

Tariffs refer to taxes, which are placed on imports or exports.

The only exception to the GATT agreement to limit or remove trade barriers were export subsidies for _____ products.

The _____ program of the United Nations helps to advance sustainable business models and markets in order to contribute to the initiative's overarching objective of helping to build a more sustainable and inclusive global economy.

The European Union (EU) consists of the same countries as the continent of Europe.

The _____ has more member countries than the EU, NAFTA, and APEC but represents a substantially smaller portion of global trade than these other cooperatives.

The _____ located in The Hague hears disputes between nations.