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Geography-- Global Systems and Governance > Trade Blocs and Agreements > Flashcards

Trade Blocs and Agreements Flashcards

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1
Q

what is a trade bloc

A

is a type of intergovernmental agreement where regional barriers to trade (tariffs and non tariff barriers) are reduced or eliminated among the participating states

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2
Q

advantage of trade blocs for the customer

A

goods come in at a cheaper price as there are no tariffs

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3
Q

how do trade blocs impact population (advantage)

A

immigration is made easier between countries (less regulations)- many move to countries with more opportunity

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4
Q

what is the agreement in EU countries which allows travel to be easier

A

Schengen agreement (can cross borders without passports)

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5
Q

advantage of trade blocs for trade

A

encourages internal trade within the block

new trade links established

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6
Q

how do trade blocs help world peace

A

it makes countries more politically stable - so won’t go to war with countries that are within your bloc as it will impact you negatively

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7
Q

how do trade blocs impact core and periphery nations within the bloc (negative)

A

core and periphery nations mean not all countries are equal- some are at a greater advantage than others (inequality)
periphery nations suffer as there is an aging population-young skilled labour moves out
inequality in cost- some countries put in more than they get out (eg UK)

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8
Q

trade blocs can cause … for countries outside of the bloc

A

isolation (as they discourage external trade)

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9
Q

how can the trade bloc system be abused

A

sometimes countries won’t work hard as they know they will be bailed out by member countries

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10
Q

how many countries are in the EU

A

28

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11
Q

examples of countries in the EU

A

Austria, Cyprus, Germany, France, Lithuania, UK, Sweden

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12
Q

why have many countries joined the EU

A

to boost their inward economy

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13
Q

example of a country that has been denied EU membership

A

Turkey- has led them to becoming isolated, unable to trade with surrounding countries without paying high tariffs and import tax

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14
Q

what are the ‘four freedoms’ within the EU

A

the cheaper and easier movement of: goods, services, people and money

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15
Q

countries within the EU have raised concerns about its…

A

relaxed immigration policy

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16
Q

how has the EU also tried to make the trade of capital more efficient

A

standardised currency

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17
Q

how has the EU benefitted the environment

A

EU have pledged to reduce carbon emissions in member countries

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18
Q

what does the EU have in order to protect its citizens

A

has human and legal rights in place to protect the citizens of member states in the hope that it would help to prevent the mistreating of people and the misuse of justice

19
Q

what does SAARC stand for

A

South Asian Association for Regional Cooperation

20
Q

how many countries are in SAARC

A

8

21
Q

examples of countries within SAARC

A

India, Bangladesh, Pakistan, Maldives, Afghanistan

22
Q

when was SAARC set up

A

1985

23
Q

what are the 5 main improvement goals within SAARC

A 
development of human resources 
science and technology 
population and health improvement 
rural development 
transport improvement
24
Q

what industries have been improved as a result of SAARC

A

motor vehicle agreement between Bhutan, Bangladesh, India and Nepal which allows for the smooth transfer of passenger and cargo vehicles across borders with no interference
tourism industry improved due to relaxed visa policies

25
Q

has SAARC altered anything other than the trade of goods and services

A

have been joining forces to combat terrorism- includes the police forces working together to track suspects
also attempted to tackle issues such as gender inequality

26
Q

what does EFTA stand for

A

European free trade association

27
Q

who is in EFTA

A

Iceland
Liechenstein
Norway
Switzerland

28
Q

what is the aim of EFTA

A

to promote free trade and economic integration to benefit its members

29
Q

even though countries within EFTA trade between themselves, the EFTA states also negotiate ..

A

free trade agreements (FTAs) with partners outside of the European union

30
Q

how many FTAs does EFTA have

A

27 covering 38 countries - wide network

31
Q

relations between EU and EFTA

A

several founding countries of EFTA have become members of the EU
sense of isolation from EFTA members who are exempt from many beneficial EU deals

32
Q

what does NAFTA stand for

A

north American free trade agreement

33
Q

countries within NAFTA

A

Canada, Mexico, the US

34
Q

7 goals of the NAFTA agreement

A

grant the signatories MFN status
eliminate barriers to trade
promote fair competition
increase investment opportunities
protection of intellectual property rights
create procedures for the resolution of trade disputes
expand the trade agreement benefits

35
Q

how much does trade with NAFTA account for in Canada and Mexico

A

80% of trade

36
Q

NAFTA partners account for how much of the US’ trade

A

1/3

37
Q

how much has NAFTA added to the US economy

A

$80 billion (not much)

38
Q

how has NAFTA negatively impacted the US (focus on jobs)

A

decline in US manufacturing jobs (the auto sector has lost 1/3 of its jobs since 1994, whilst the Mexican auto industry employment has spiked from 120,000 to 550,000

39
Q

how much FDI was from the USA to Canada in 2013

A

$368 billion

40
Q

what does OPEC stand for

A

Organization of the Petroleum Exporting Countries

41
Q

examples of countries in OPEC

A

Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

42
Q

what is OPECs objective

A

to co-ordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petrol producers. and efficient regular supply of petrol to consuming nations as well as fair return on capital to those investing in industry

43
Q

how much influence does OPEC have on the global oil market

A

has big influence in the short term, but in the long term its ability to influence the price of oil is quite limited as individual countries have different incentives

44
Q

what can make oil prices rise

A

geopolitical tensions, increased demand and tight supply

Geography-- Global Systems and Governance (15 decks)

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