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Free Trade Agreement
FTA; when two or more nations agree on the terms of trade between them, committing to reduce or eliminate trade barriers.
bilateral agreement multilateral agreement
2-party agreement.
an agreement between more than two parties.
barriers to trade
government-imposed restraint on the flow of international goods or services which includes tariffs, quotas, licenses, and local content requirements. USTR; a division of the executive branch that develops U.S. international trade and conducts oversees trade negotiations with other countries. ITA; a division of the Department of Commerce that promotes and advocates for U.S. exports, and enforces U.S. trade laws and agreements. RTA; a bilateral or multilateral trade agreement within a particular global region. NAFTA; a trilateral RTA formed in 1992 between the U.S., Canada, and Mexico. ASEAN; a multilateral RTA among ten southeast Asian nations promoting trade, economic growth, and social progress. TTIP; a proposed free trade agreement between the EU and the US.
Office of the U.S. Trade Representative International Trade Administration Regional Trade Agreement North American Free Trade Agreement Association of Southeast Asian Nations Transatlantic Trade and Investment Partnership Trans-Pacific Partnership
a combination of countries in an RTA. PRODUCT PREVIEW
TPP; a proposed RTA that includes 12 nations throughout the Asia-Pacific region.
SLIDE 17F
trade bloc
Lesson Objectives By the end of this lesson the student will be able to: 1. Trace the evolution of free trade from GATT to the World Trade Organization. 2. Describe the benefits of global free trade. 3. List four common barriers to global free trade. 4. Summarize seven major active and proposed regional trade agreements. 5. List the goals and principles of the WTO.
Gaining Attention Direct students’ attention to “Are HnnH’s Sales Doomed in Glucosia?” of the workbook. Read aloud. Are HnnH’s Sales Doomed in Glucosia? HnnH has gone global! It’s selling its medical weight loss shoes and other health products overseas, improving the lives of people all around the world. Unfortunately, HnnH is having some problems in Glucosia, a small, wealthy country on the shores of the Mediterranean with a large Type II pre-diabetic population due to their prolonged sedentary and overindulgent lifestyle. HnnH would very much like to market its products in lucrative Glucosia.
Lesson 17 | Breaking Down Barriers 316
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