The regional and global business environment

Question 1

Major economic institutions(Caribbean) are

Answer 1

CARICOM- The Caribbean Community and Common Market
CSME-Caribbean Single Market and Economy-
OECS-Organization of Eastern Caribbean States
CDB-Caribbean Development Bank

Question 2

Global institutions are

Answer 2

EU-European Union
WTO-World Trade Organization
OPEC-Organization of Petroleum Exporting Countries
IMP-International Monetary Fund
The World Bank

Question 3

CARICOM is

Answer 3

CARICOM- formed in attempt to solve some of the region’s development problems.
The Caribbean Community and Common Market-(all country members)
established in 1973
Aims/Objectives- To develop links between the nations, To encourage regional trade and remove trade barriers, To promote economic development.
Benefits-Industrial and agricultural development
is facilitated in member countries,there is a coordination of certain economic policies

Question 4

CSME is

Answer 4

CSME- was created to facilitate economic development of the member states in an increasingly globalized world environment.
(all members except Haiti and Bahamas)
established in 2006
Aims/Objectives- -Full employment of all factors of production, Improves standard of living and work, Organization for increased production
Benefits-Optimal allocation of all region’s resources, Increased output of goods and services through production integration, Enhanced competitiveness of the regionally produced goods

Question 5

OECS is

Answer 5

was formed to encourage co-operation among member countries and promote unity.
Members-St.Lucia, St Vincent and the Grenadines and St Kitts and Nevis
established in 1981
Aims/Objectives- to promote co-operation and unity,to promote economic integration

Question 6

CDB is

Answer 6

is to aid in the economic progression of member countries especially less developed
Members- CARICOM( everyone)
established in 1969
Aims/Objectives- to finance projects/programmes contributing to development of regions, to stimulate and encourage development of capital markets.

Question 7

EU is

Answer 7

European Union was formed to unite European countries economically and politically.
Members : 20 European countries
established in 1957 to 1992
Aims/Objectives-to ensure economic integration with a single market, the union’s aim is to promote values and the well- being of its people and facilitate the free movement of labour,capital , services and goods.

Question 8

WTO is

Answer 8

World Trade Organization was formed to help producers dealing with the trade rules.
Members: CARICOM except bahamas
date established : 1995
Aims/Objectives: To provide a framework for negotations on international trade, to attempt to reduce trade barriers and settle trade disuputes

Question 9

OPEC is

Answer 9

Organization of Petroleum Exporting Countries was formed to harmonize the petroleum policies of its members and ensure stability of oil markets.
Members: Ecuador, Qatar and Iraq
date established: 1948
Aims/Objectives:To ensure steady income to producers ,co-ordinate and unify the petroleum policies of member countries,

Question 10

IMF is

Answer 10

International Monetary Fund was formed for international monetary and financial matters.
Members:186 countries
date established: 1944
Aims/Objectives: To promote international monetary co-operation and exchange rate stability, to facilitate growth of international trade, to provide technical business assistance for economic management.

Question 11

5. The World Bank is

Answer 11

The World Bank was formed to offer monetary and financial aid to developing countries to reduce poverty and to encourage development.
Members: same as IMF
date established: 1944
Aims/Objectives: Creating infrastructure,Combating corruption, Developing strong financial systems

Question 12

Trade Agreements for the Caribbean

Answer 12

CBI- Caribbean Basin Initiative-

Question 13

International Organizations in the Caribbean

Answer 13

-OAS- The Organization of American States
-NAFTA-North-American Free Trade Argument
-FTAA-Free Trade Area of the Americas
ACS-The Assoication of Caribbean States

Question 14

OAS is

Answer 14

OAS( The Organization of American States) was formed in order to promote peace, judicial fairness , unity and collaboration.
Members: 35 independent states in America
Date established:1948
Aims/Objectives: Promote peace, democracy, international understanding and human rights.

Question 15

NAFTA- (North American Free Trade Agreement)

Answer 15

NAFTA was formed towards the economic growth of the area.
Members: USA, Canada and Mexico
date established: 1994
Aims/Objectives: Eliminates most barriers to trade and investment between the USA,Canada and Mexico, to promote economic growth and establish clear rules for trade among members.

Question 16

FTAA-Free Trade Area of the Americas

Answer 16

FTAA is a free trade and investment agreement being negotiated between the government’s of North, Central and South America and the Caribbean,
Members:34 countries
Date established: 1994
Aims/Objectives: To widen market access to increase exports, increase foreign direct investment to stimulate growth, allow for transfer of technology
Benefits:Improvement of standard of living, lower prices and acess to greater variety of products

Question 17

ACS-The Association of Caribbean States

Answer 17

ACS was formed to boost co-operation within the region, taking into consideration geographic closeness and linkage.
Members: 25 countries
Date established: 1994
Aims/Objectives: Promote economic integration, trade liberalization investment, transportation, promote functional cooperation in culture, economic , science and technology

Question 18

OAS- The Organization of American States

Answer 18

OAS was formed to promote peace, judicial fairness, unity and collaboration among the members,
Members include: 35 countries
Date established: 1948
Aims/Objectives: To facilitate, political dialogue among members,