Trade Agreements Vocab

the difference between the value of a country’s exports and its imports for a given period of time

• balance of trade

• bilateral agreement

• embargo

• European Union

1. an agreement in which two countries reduce trade restrictions to promote trade

• balance of trade

• bilateral agreement

• embargo

• European Union

1. a government restriction placed on the import or the export of goods or services to another country or state

• embargo

• exchange rate

• import license

• import quota

1. an economic and political union of member nations that was established in 1992

• European Union

• Public Law 480

• World trade organization

• United States Mexico Canada Agreement

 the rate at which one national currency is exchanged for another

• import quota

• exchange rate

• import quota

• trade concession

1. a legal agreement between 23 countries that went into effect in 1948 for the purpose of promoting international trade through reducing quotas, tariffs, and subsidies

• General Agreement on Tariffs and Trade

• tariff

• multilateral agreement

• subsidy

a permit to import an indicated quantity of certain goods over a specified period of time

• import quota

• import license

• multilateral agreement

• trade concession

1. a limit on the quantity of a good that can be imported into a country in a given period of time

• trade surplus

• import license

• import quota

• trade surplus

1. an agreement in which three or more countries reduce trade restrictions

• multilateral agreement

• unilateral agreement

any measure, other than a tariff, that acts as a restriction to trade

• non tariff restriction

• trade concession

• subsidy