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GLOBAL GOVERANCE > International Trade & Access to Markets > Flashcards

International Trade & Access to Markets Flashcards

1
Q

What has evolved overtime?

A

European Union

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2
Q

How was the EU evolved overtime?

A

From being a simple trade bloc into a multi-governmental organisation

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3
Q

What are member states of the EU eligible for?

A

EU structural funds to help develop their economies

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4
Q

How does the EU help cities?

A

Gain a global reputation by awarding prestigious titles

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5
Q

What is the EU the only group of?

A

Only group of nations that grants all citizens of member states freedom of movement

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6
Q

What are free trade areas?

A

Removal of tariffs and quotas on trade between countries but placing individual restrictions

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7
Q

What are customs unions?

A

Member countries operate on a ‘common policy’ tariff on imports from outside the group.

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8
Q

What are common markets?

A

Similar to customs unions but also allow the free movement of people e.g The EU

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9
Q

What are economic unions?

A

All members must adopt common policies on pollution, transport etc

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10
Q

What is interdependance?

A

The state of being dependent upon one another

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11
Q

What does comparative advantage mean?

A

An economy’s ability to produce a specific good or service at a lower opportunity cost

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12
Q

What does economies of scale mean?

A

Refers to the cost advantages that companies experience as production increases

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13
Q

What does protectionism mean?

A

An economic policy aimed at restricting imports to protect domestic industries from foreign competition

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14
Q

What is trade?

A

Refers to the exchange of goods and services between countries

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15
Q

What is FDI?

A

Foreign Direct investment - an investment made by a company in one country into business interest located in another country.

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16
Q

What is international trade?

A

The import and export of goods and services between countries

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17
Q

What has increased dramatically since the 1980s?

A

The volume of global trade

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18
Q

What are 3 negatives of having no trade?

A

Small national markets
Limited product diversity
High prices

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19
Q

What are 3 benefits of having trade?

A

Increased competition
Economies of scale
Interdependance

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20
Q

What increases with trade and what takes place?

A

Competition and a rationalisation of production

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21
Q

What does trade liberalisation involve?

A

A specialisation of production

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22
Q

What does greater economies of scale result in?

A

Lower prices and higher profits

23
Q

How much as a & was global trade interrupted by when the Suez Canal was blocked in 2021?

A

12%

24
Q

What are Latin America’s 2 distinct trading blocs?

A

Mercosur and Pacific Alliance

25
Q

When did Mercosur form?

A

1991

26
Q

Which is bigger in terms of GDP?
Mercosur or Pacific Alliance

A

Mercosur

27
Q

What does Mercosur comprise of?

A

Brazil, Uruguay and Paraguay

28
Q

What is Mercosur?

A

Single market and customs union

29
Q

What is Mercosur called?

A

The common market of the South

30
Q

What does Mercosur allow?

A

Free movement of labour between member states

31
Q

What are Mercosur’s most exported products? 4 things

A

Raw materials, energy, mineral and food resources

32
Q

What does the exports enable Mercosur to do?

A

Trade globally

33
Q

When did Pacific Alliance form?

A

2011

34
Q

What does Pacific Alliance comprise of?

A

Chile, Peru, Columbia and Mexico

35
Q

What is Pacific Alliance’s combined GDP?

A

$2.2 Trillion

36
Q

What does Mercosur see as their main market?

A

Asia-Pacific

37
Q

If the 2 blocs formed as one, who would direct this?

A

By the intergovernmental body UNASUR

38
Q

What does UNASUR stand for?

A

Union of South American Nations

39
Q

What is fair trade?

A

Social movement whose goal is to help producers in LDEs achieve better trading conditions

40
Q

What does fair trade focus on?

A

Agricultural industry

41
Q

What do fair trade supporters argue?

A

That those producing the items don’t get a deal from the organisations they supply to

42
Q

What do the individual suppliers have?

A

Little market influence

43
Q

What does the fair trade movement advocate for?

A

The payment of higher prices to producers aswell as helping socially and environmentally

44
Q

What is free trade’s 3 aims?

A

To increase nations economic growth
Trade policies between countries
Multi national corporations

45
Q

What is monoculture farming?

A

A form of agriculture that is based on growing only one type of a crop at one time on a specific field

46
Q

What was the global trade value of bananas in 2016 estimated to be?

A

$8 billion

47
Q

What does trade create?

A

Social, economic, political and environment issues worldwide

48
Q

Why are bananas essential in countries like Ecuador?

A

Essential source of income and employment for many households

49
Q

According to Ecuadorian government, how many jobs does the banana industry generate to the country?

A

2 million indirect and direct jobs

50
Q

What percentage of Ecuador’s exports in value terms is bananas?

A

10%

51
Q

How is banana production controlled in the Caribbean?

A

By TNCs and more by small-medium growers on family farms

52
Q

When did the banana dispute start?

A

1975

53
Q

Why did the banana dispute start?

A

When EU countries negotiated a trade agreement with former colonies

54
Q

What are 3 environmental impacts on growing bananas?

A

Reduction in biodiversity
Waste - 1 tonne of bananas equals 2 tonnes in waste
Reduction in soil fertility due to chemicals

GLOBAL GOVERANCE (7 decks)

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