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Geography-- Global Systems and Governance > International trade > Flashcards

Flashcards in International trade Deck (18)
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1

what is an import licence

a licence issued by a national government authorising the importation of goods from a specific source

2

what are import quotas

a physical limit on the quantity of goods that can be imported into the country

3

what are subsidies

these are grants or allowances usually awarded to domestic producers to reduce their costs and make them more competitive against imports

4

what are voluntary export restraints

this is a diplomatic strategy offered by the exporting country to appease the importing country and deter it from opposing trade barriers

5

what are trade embargoes

a partial or complete prohibition of commerce and trade with a particular country. they are usually put into practice for political rather than commercial reasons

6

what are trade restrictions based on

other import restrictions may be based on technical or regulatory obstacles such as the quality of the goods or the way they were produced eg EU attempt to restrict import of goods produced using child labour

7

what is free trade

the idea that there are no barriers to trade and it can occur freely between all nations

8

suggest current barriers to globally free trade currently

trade blocs - encourage trade within the bloc, exclude other countries
global organisations like the UN can put on trade embargoes supply and demand

9

who are the G7 nations

USA, Japan, Germany, UK, France, Canada and Italy

10

what percentage of global trade comes from G7 nations

50% (not just goods- also services)

11

which parts of the world do the most trade

north America, Europe, asia

12

what do Europe and north America provide to asia and what do asia provide in return

Europe and north America provide services to asia (eg security) whilst asia provide material goods - interdependence

13

why is asia at an advantage for trade

it is in a geographically beneficial place for trade- middle ground between north America and Europe

14

how do past and present geopolitics play a role in trade trends

historic agreements- eg north America and Europe trade as they were war allies
trade embargoes- eg no one trades with north korea

15

do Australia do more inter-regional or regional trade

regional trade- why they are often cut off trade maps

16

reasons a country may invest FDI in another country

natural resources
population/market

17

top 3 countries receiving FDI

USA
Hong Kong
PRC (China)

18

top 3 countries giving FDI

USA (give more FDI than they receive)
UK
Germany