Gloal Systems Flashcards
The WTO, World Bank, IMF
What is the WTO?
The world trade organisation is responsible for facilitating international trade.
How many members does the WTO have?
Over 160.
What is a bilateral agreement?
An agreement on trade which is negotiated between two countries or two groups of countries.
What is a common market?
A group formed by countries with geographical proximity in which trade barriers are eliminated.
What is a customs union?
A trade bloc which allows free trade with no barriers between its member states but imposes a common external tariff to trading countries outside the bloc.
What is a multilateral agreement?
An agreement negotiated between more than two countries or groups of countries at the same time.
What is outsourcing?
A cost saving strategy used by companies who arrange for goods or services to be produced or provided by other companies, often at a location where costs are lower.
