Asked by Julia Lavier on May 08, 2024
Verified
What are the five major trade agreements that cover two-thirds of the world's international trade?
Trade Agreements
Formal arrangements between countries that determine the rules of trade, including tariffs and import quotas.
International Trade
The exchange of goods and services across international borders or territories, involving the import and export of products.
- Acquire knowledge of the variance between trade surplus and trade deficit and how they influence international trade.
- Explain the mechanism of exchange control and its influence on international business operations.
Verified Answer
CE
Cristian EscobedoMay 12, 2024
Final Answer :
The five major trade agreements include the European Union (EU), the North American Free Trade Agreement (NAFTA), Central America Free Trade Agreement (CAFTA), Mercosur, and the Association of Southeast Asian Nations (ASEAN).
Learning Objectives
- Acquire knowledge of the variance between trade surplus and trade deficit and how they influence international trade.
- Explain the mechanism of exchange control and its influence on international business operations.