Trade Flashcards

1
Q

What is meant by the term ‘protectionism’?

A

A policy by government to impose restrictions on trade in goods and services with other countries.

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2
Q

What is a tariff?

A

a tax imposed on imports

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3
Q

What are quotas?

A

government imposed limits on the number of goods that can be imported into a country

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4
Q

What is a subsidy?

A

financial assistance to a business by government to make it competitive or prevent collapse

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5
Q

What are barriers to trade?

A

any regulation or policy that restricts international trade

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6
Q

What is the difference between NAFTA and the EU?

A
  • EU has shared economic policies
  • EU has free movement across borders
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7
Q

What are tariffs an example of?

A

protectionism

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8
Q

What does SDT stand for?

A

special differential treatment

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9
Q

Who offers SDTs? To whom?

A

WTO, lesser developed nations, that face significant barriers to trade

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10
Q

Why might SDTs be needed?

A

protectionist policies after decolonialisation impact poorer countries

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11
Q

How might the WTO implement SDTs?

A
  • longer time periods for agreements
  • safeguarding trade interests
  • support to help countries develop capacity to trade
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12
Q

What countries are a part of Mercosur?

A

Brazil, Paraguay, Venezuela, Argentina

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13
Q

What countries are part of the Pacific Alliance?

A

Mexico, Colombia, Chile, Peru

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14
Q

What is a trade bloc?

A

a group of countries that promote trade by reducing or eliminating potential barriers

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15
Q

What is the aim of the belt and road initiative?

A

connect trade routes all over the world

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16
Q

Give an example of china’s investment into Africa

A

Kenya –> received FDI to help develop railway infrastructure

17
Q

How could China’s investment in Africa cause unequal flows?

A
  • create debt traps
  • soft power
  • investment into some countries may leave other behind
  • Chinese workers
18
Q

How could China’s investment in Africa solve unequal flows?

A
  • increase trade
  • money went to energy project -> development
19
Q

What is free trade?

A

international trade without barriers

20
Q

Approximately how much has China spent on the BRI?

A

$1billion

21
Q

How could the BRI lead to recession?

A
  • loans need to be paid back
  • money might need to come from tax if not enough is earned
  • if cant: accepts collateral, prevents ability to borrow internationally
22
Q

Give an example of a time the BRI was unsuccessful?

A

Myanmar
planned to force peasants off land
protests

23
Q

How many defects found by Uganda’s power generation company in a Chinese built power station?

A

over 500

24
Q

Who do China trade most with within the EU?

A

France and Germany
non-BRI members

25
Q

How much (approximately) did China invest in Kenya as part of the BRI?

A

$5bn