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INTERNATIONAL TRADE AND AGREEMENRTS > MIDTERMS > Flashcards

MIDTERMS Flashcards

1
Q

the body of rules and principles of action which are binding
upon civilized states in their relationship with one another and those between
international organizations and states, among the international organizations
themselves, as well as states or international organizations and natural and judicial
persons, such as the law governing human rights.

A

International Law

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2
Q

principles, rules, and standards that govern nations and other
participants in international affairs in their relations with one another.

A

International Law

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3
Q

4 principles of international law

A

reciprocity, comity,
independence, and equity

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4
Q

refers to the buying and selling of goods and services
between countries.

A

International Trade

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5
Q

flowing into a country from
abroad.

A

Imports

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6
Q

flowing out of a country and sold overseas.

A

Exports

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7
Q

an economic transaction that is made between countries.

A

International trade

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8
Q

What are the 4 advantages of international trade?

A
  • Trading globally gives consumers and countries the opportunity to be exposed to
    goods and services not available in their own countries, or which would be more
    expensive domestically.
  • Helps Maintain lower price of goods
  • Increase Economic Growth
  • Promotes good relationship between States
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9
Q

What are the 3 disadvantages of international trade?

A
  • Third world countries are at disadvantage situation
  • Local products are at risk
  • Does not help small business
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10
Q

The term usually indicates a technical or administrative legal instrument
dealing with economic, cultural, scientific, and technical issues. It is also used to
denote a regional legal instrument that is part of the implementing framework under a larger
treaty.

A

AGREEMENT

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11
Q

The principle by which the courts of one jurisdiction may consent to the laws or
decisions of another.

A

COMITY

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12
Q

The term is used interchangeably with treaty, but it can also have a specific meaning as a
treaty binding a broad number of nations.

A

CONVENTION

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13
Q

An agreement that creates stable and transparent trading by reducing country barriers to U.S.
exports. Enabling access to these foreign markets make it easier and cheaper for U.S.
companies to export products.

A

FREE TRADE AGREEMENTS

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14
Q

Also sometimes referred to as the World Court. It is the primary judicial branch of the United
Nations.

A

INTERNATIONAL COURT OF JUSTICE

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15
Q

Universal peremptory norms, while not defined in any treaty, include those “higher laws” which
no country may disregard.

A

JUS COGENS

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16
Q

A ________ to a treaty can clarifies terms, add additional text as amendments, and establish
new obligations. These new obligations can be quantitative targets for nations to achieve.

A

PROTOCOL

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17
Q

The formal acceptance of the rights and obligations of a treaty.

A

RATIFICATION

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18
Q

A party that has signed an agreement.

A

SIGNATORY

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19
Q

A duty (or tax) levied upon goods transported from one Customs area to another, for either
protective or revenue purposes.

A

TARIFF

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20
Q

Also known as trade pact, this is a wide-ranging tax, tariff and trade treaty that often includes
investment guarantees.

A

TRADE AGREEMENT

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21
Q

A formal agreement entered into by two or more nations.

A

TREATY

22
Q

Governs the relationships between and among states and also their
relations with international organizations and individual persons.

A

Public International Law

23
Q

composed of the laws, rules, and principles of general
application that deal with the conduct of nation states and international organizations
among themselves as well as the relationships between nation states and international
organizations with persons, whether natural or juridical.

A

Public International Law

24
Q

Laws of the country deal with internal affairs of a country.

A

municipal laws

25
Q

considers international law and internal law of states as wholly separate
legal systems and allowing each state to determine the means and form
by which it carries out its obligations.

A

Dualism

26
Q

It views international and national law as part of single legal system, with
domestic law derived from the broader framework provided by international
law and creating obligations only among sovereign nations.

A

Monism

27
Q

It is an international agreement concluded between States in written form
and governed by international law, whether embodied in a single
instrument or in two or more related instruments and whatever its
particular designation

A

Treaty

28
Q

a rule of conduct formed by repetition of acts, uniformly observed as a
social andpolitical rule, legally binding and obligatory.

A

Custom

29
Q

It means “In justice and fairness; according to what is just and good; according to equity
and conscience.”

A

Ex aequo et bono

30
Q

is a domestic law which deals with cases
where foreign law intrudes in the domestic sphere where there are
questions of the applicability of foreign law or the role of foreign courts.

A

Private International Law

31
Q

a factual situation that cuts across territorial lines and is thus affected by the
diverse laws of two or more states.

A

Foreign Element

32
Q

Is a domestic law which deals with cases where foreign law intrudes in the
domestic sphere where there are questions of the applicability of foreign law or
the role of foreign courts.

A

Private International Law

33
Q

Indicates when Philippine internal law shall apply

A

One-Sided Rule

34
Q

Other term for Private International Law.

A

Conflicts of Law

35
Q

Other term for Public International Law

A

Law of Nations

36
Q

Under this theory, we apply the foreign law because of its
convenience, and finally, because we want protection to our citizens, residents and
transients in our land.

A

Theory of Comity

37
Q

Here we seek to enforce not the foreign law itself but the
rights that have been vested under such foreign law.

A

Theory of Vested Rights –

38
Q

We apply foreign laws not because it is foreign but because
our own laws, by applying similar rules, requires us to do so.

A

Theory of Local Laws

39
Q

We have to apply foreign law so that whenever a case
is decided, that is, irrespective of the forum, the solution should be approximately the
same; thus identical or similar solutions anywhere and everywhere.

A

Theory of Harmony of Laws

40
Q

The purpose of all laws is the dispensing of justice; if this can be
attained in many cases by applying the proper foreign law, we must do.

A

Theory of Justice

41
Q

2 kinds of conflict rule

A

One-Sided Rule and All-Sided Rule

42
Q

Meaning of WTO

A

World Trade Organization

43
Q

an inter-governmental organization for progressively
liberalizing trade.

A

World Trade Organization (WTO)

44
Q

Meaning of ASEAN

A

Association of Southeast Asian Nations

45
Q

a regional organization of 10 Southeast
Asian and Pacific Rim countries that was set up to promote cultural, economic, and political
development in the region.

A

Association of Southeast Asian Nations (ASEAN

46
Q

ASEAN has 10 member countries:

A
  1. Indonesia
  2. Malaysia
  3. Philippines
  4. Singapore
  5. Thailand
  6. Brunei
  7. Vietnam
  8. Laos
  9. Myanmar
  10. Cambodia
47
Q

Meaning of APEC

A

Asia-Pacific Economic Cooperation

48
Q

a regional economic forum established in 1989 to
leverage the growing interdependence of the Asia-Pacific.

A

Asia-Pacific Economic Cooperation (APEC)

49
Q

APEC MEMBERS

A

● Australia
● Brunei Darussalam
● Canada
● Indonesia
● Japan
● Republic of Korea
● Malaysia
● New Zealand
● The Philippines
● Singapore
● Thailand
● The United States
● People’s Republic of China
● Hong Kong, China
● Chinese Taipei
● Papua New Guinea
● Mexico
● Chile
● Peru
● Russia
● Vietnam

50
Q

is a preferential tariff system extended by developed countries (giving countries or
donor countries) to developing countries (receiving countries or beneficiary
countries).

A

U.S. Generalized System of Preference

INTERNATIONAL TRADE AND AGREEMENRTS (1 decks)

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