Globalization Flashcards
1
Q
What is globalization
A
Worldwide exposure and interaction of economies
Trade is key element
By WTO
2
Q
Discuss the WTO
A
World trade org
General agreement on tariffs
Signed in 1974
3
Q
What is the function of the WTO
A
Liberate trade
4
Q
What role does the WTO play
A
Implement and admin trade agreements
Forum for trade agreements
Resolve trade disputes
5
Q
What is economic integration
A
Arrangement between regions marked by reduction/elimination of trade barriers and co ordination of monetary and fiscal policies
6
Q
Aim of economic integration
A
Reduce cost, increase trade,
Increase welfare
7
Q
What are SA protocols
A
SADC, development community
SACU, customs union
EU
BRICS
