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Trade Agreement
A TRADE AGREEMENT (also known as TRADE PACT) is a wide ranging tax, tariff and trade treaty that often includes investment guarantees. The most common trade agreements are of the preferential and free trade types are concluded in order to reduce (or eliminate) tariffs , quotas and other trade restrictions on items traded between the signatories. CONTENTS* 1 Classification of trade pacts * 1.1 By number and type of signatories * 1.2 By level of integration * 1.3 Special
Special
agreements * 1.4 By the World Trade Organization
World Trade Organization
* 2 Reaction * 3 See also * 4 References * 5 External links CLASSIFICATION OF TRADE PACTSBY NUMBER AND TYPE OF SIGNATORIESA trade agreement is classified as bilateral (BTA) when signed between two sides, where each side could be a country (or other customs territory ), a trade bloc or an informal group of countries (or other customs territories)
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Foreign Exchange Controls
FOREIGN EXCHANGE CONTROLS are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents or on the purchase/sale of local currency by nonresidents. Common foreign exchange controls include: * Banning the use of foreign currency within the country * Banning locals from possessing foreign currency * Restricting currency exchange to government-approved exchangers * Fixed exchange rates * Restrictions on the amount of currency that may be imported or exportedCountries with foreign exchange controls are also known as "Article 14 countries," after the provision in the International Monetary Fund agreement allowing exchange controls for transitional economies. Such controls used to be common in most countries, particularly poorer ones, until the 1990s when free trade and globalization started a trend towards economic liberalization . Today, countries which still impose exchange controls are the exception rather than the rule
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Domestic Trade
DOMESTIC TRADE, also known as INTERNAL TRADE or HOME TRADE, is the exchange of domestic goods within the boundaries of a country. This may be sub-divided into two categories, WHOLESALE and RETAIL . Wholesale trade is concerned with buying goods from manufacturers or dealers or producers in large quantities and selling them in smaller quantities to others who may be retailers or even consumers . Wholesale trade is undertaken by wholesale merchants or wholesale commission agents. Retail
Retail
trade is concerned with the sale of goods in small quantities to consumers. This type of trade is taken care of by retailers. In actual practice, however, manufacturers and wholesalers may also undertake retail distribution of goods to bypass the intermediary retailer, by which they earn higher profits
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Trade Route
A TRADE ROUTE is a logistical network identified as a series of pathways and stoppages used for the commercial transport of cargo. The term can also be used to refer to trade over bodies of water. Allowing goods to reach distant markets , a single trade route contains long distance arteries , which may further be connected to smaller networks of commercial and noncommercial transportation routes. Among notable trade routes was the Amber Road , which served as a dependable network for long-distance trade. Maritime trade along the Spice Route became prominent during the Middle Ages
Middle Ages
, when nations resorted to military means for control of this influential route. During the Middle Ages, organizations such as the Hanseatic League
Hanseatic League
, aimed at protecting interests of the merchants, and trade became increasingly prominent
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Bribery
BRIBERY is the act of giving money, goods or other forms of recompense to a recipient in exchange for an alteration of their behavior (to the benefit/interest of the giver) that the recipient would otherwise not alter. Bribery
Bribery
is defined by Black\'s Law Dictionary as the offering , giving , receiving , or soliciting of any item of value to influence the actions of an official or other person in charge of a public or legal duty . Gifts of money or other items of value which are otherwise available to everyone on an equivalent basis, and not for dishonest purposes, is not bribery. Offering a discount or a refund to all purchasers is a legal rebate and is not bribery. For example, it is legal for an employee of a Public Utilities Commission involved in electric rate regulation to accept a rebate on electric service that reduces their cost for electricity, when the rebate is available to other residential electric customers
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Non-tariff Barriers To Trade
NON-TARIFF BARRIERS TO TRADE (NTBS) or sometimes called "NON-TARIFF MEASURES (NTMS)" are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs . The SADC says, "a Non- Tariff Barrier is any obstacle to international trade that is not an import or export duty. They may take the form of import quotas, subsidies, customs delays, technical barriers, or other systems preventing or impeding trade." According to the World Trade Organisation , non-tariff barriers to trade include import licensing, rules for valuation of goods at customs, pre-shipment inspections, rules of origin ('made in'), and trade prepared investment measures
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Quota Share
A QUOTA SHARE is a specified number or percentage of the allotment as a whole (quota ), that is prescribed to each individual entity. For example, the United States
United States
imposes an import quota on cars from Japan
Japan
. The Japanese government may see fit to impose a quota share program to determine the number of cars each Japanese car manufacturer may export to the United States. Any extra number that a manufacturer wishes to export must be negotiated with another manufacturer that did not or cannot maximize its share of the quota. Also there are quota share insurance programs. Where the benefit and the premiums are divided proportionally among the insured. For example, three companies take out a $1,000,000 fire insurance policy on a quota share basis with company A assuming 50% ($500,000), company B 30% ($300,000), and company C 20% ($200,000)
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Tariff-rate Quota
A TARIFF-RATE QUOTA (TRQ) is a trade policy tool used to protect a domestically-produced commodity or product from competitive imports. A TRQ combines two policy instruments that nations historically have used to restrict imports: quotas and tariffs . In a TRQ, the quota component works together with a specified tariff level to provide the desired degree of import protection. Essentially, a TRQ is a two-tiered tariff. The first Q imports entering within the quota portion of a TRQ are usually subject to a lower tariff rate called the Inside tariff quota rate or ITQR. Imports above the quota's quantitative threshold (Q) face a much higher (usually prohibitive) Outside tariff quota rate or OTQR. The Q units are called the quota volume, and this volume serves as the cut off between the ITQR and the OTQR
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Import License
An IMPORT LICENSE is a document issued by a national government authorizing the importation of certain goods into its territory. Import licenses are considered to be non-tariff barriers to trade when used as a way to discriminate against another country's goods in order to protect a domestic industry from foreign competition. Each license specifies the volume of imports allowed, and the total volume allowed should not exceed the quota . Licenses can be sold to importing companies at a competitive price, or simply a fee. However, it is argued that this allocation methods provides incentives for political lobbying and bribery. Government may put certain restrictions on what is imported as well as the amount of imported goods and services. For example, if a business wishes to import agricultural products such as vegetables, then the government may be concerned about the impact of such importations of the local market and thus impose a restriction
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Dumping (pricing Policy)
DUMPING, in economics , is a kind of predatory pricing , especially in the context of international trade . It occurs when manufacturers export a product to another country at a price below the normal price. The objective of dumping is to increase market share in a foreign market by driving out competition and thereby create a monopoly situation where the exporter will be able to unilaterally dictate price and quality of the product
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Economic Nationalism
ECONOMIC NATIONALISM refers to an ideology favoring policies that emphasize domestic control of the economy, labor, and capital formation , even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. In many cases, economic nationalists oppose globalization or at least question the benefits of unrestricted free trade . Economic nationalism may include such doctrines as protectionism , mercantilism , or import substitution
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World Customs Organization
The WORLD CUSTOMS ORGANIZATION (WCO) is an intergovernmental organization headquartered in Brussels
Brussels
, Belgium
Belgium
. The WCO is noted for its work in areas covering the development of international conventions, instruments, and tools on topics such as commodity classification, valuation, rules of origin, collection of customs revenue, supply chain security , international trade facilitation , customs enforcement activities, combating counterfeiting in support of Intellectual Property Rights (IPR), drugs enforcement, illegal weapons trading, integrity promotion, and delivering sustainable capacity building to assist with customs reforms and modernization. The WCO maintains the international Harmonized System (HS) goods nomenclature, and administers the technical aspects of the World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin
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Laissez-faire
LAISSEZ-FAIRE (/ˌlɛseɪˈfɛr-/ , French: ( listen ) from French : laissez faire, lit. 'let do') is an economic system in which transactions between private parties are free from government intervention such as regulation , privileges , tariffs , and subsidies. The phrase laissez-faire is part of a larger French phrase and basically translates to "let (it/them) do", but in this context usually means to "let go"
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Commercial Policy
A COMMERCIAL POLICY (also referred to as a TRADE POLICY or international trade policy) is a governmental policy governing economic transactions across international borders . This covers tariffs , trade subsidies , import quotas , Voluntary Export Restraints , restrictions on the establishment of foreign-owned businesses, regulation of trade in services, and other barriers to international trade. These are sometimes agreed by treaty within a customs union . In the case of the European Union
European Union
, commercial policy has been governed in common since the EU was created in 1957. A common commercial policy is also an aim of Mercosur
Mercosur

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Preferential Trading Area
A PREFERENTIAL TRADE AREA (also PREFERENTIAL TRADE AGREEMENT, PTA) is a trading bloc that gives preferential access to certain products from the participating countries. This is done by reducing tariffs but not by abolishing them completely. A PTA can be established through a trade pact . It is the first stage of economic integration . The line between a PTA and a free trade area (FTA) may be blurred, as almost any PTA has a main goal of becoming a FTA in accordance with the General Agreement on Tariffs and Trade . These tariff preferences have created numerous departures from the normal trade relations principle, namely that World Trade Organization (WTO) members should apply the same tariff to imports from other WTO members
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Single Market
A SINGLE MARKET is a type of trade bloc in which most trade barriers have been removed (for goods ) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour ) and of enterprise a