trade patterns/agreements/relationships Flashcards
what are trade agreements?
when one country agrees to remove certain controls in exchnage for the other country doing the same
what is a bilateral trade agreement?
between two countries
what is a multilateral trade agreement?
between several countries
what makes up the global trade system?
multi and bilateral trade agreements
what are the main trading entities?
nafta and the eu
who is in nafta
canada us and mexico
why is the relationship between less developed and developed countries increasing?
due to the rise in emerging economies such as china
a lot of energy is needed in manufacturing etc so resources such as oil
what is an example of how trading relationships can result in conflict?
the banana trade war
how is the USA now trying to move away from its protectionist nature?
by becoming involved in further trade agreements such as the TTP TTIPs
why might the US be getting involved in more trade agreements?
in order to connect more with the east and west and due to emerging threat of china as an economic superpower
when was nafta formed?
1994
