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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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International Trade
INTERNATIONAL TRADE is the exchange of capital , goods , and services across international borders or territories. It is the exchange of goods and services among nations of the world. In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha , Silk Road , Amber Road , scramble for Africa , Atlantic slave trade , salt roads ), its economic, social, and political importance has been on the rise in recent centuries
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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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Import
An IMPORT is a good brought into a jurisdiction , especially across a national border , from an external source. The party bringing in the good is called an importer. An import in the receiving country is an export from the sending country. Importation and exportation are the defining financial transactions of international trade . In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. The importing and exporting jurisdictions may impose a tariff (tax) on the goods. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions
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Export
The term EXPORT means sending of goods or services produced in one country to another country. The seller of such goods and services is referred to as an exporter; the foreign buyer is referred to as an importer. Export
Export
of goods often requires involvement of customs authorities. An export's counterpart is an import . CONTENTS * 1 History * 2 Process * 3 Barriers * 3.1 Strategic * 3.2 Tariffs * 3.3 Overview * 3.3.1 Advantages of exporting * 3.3.2 Disadvantages of exporting * 4 See also * 5 References * 6 External links HISTORY For more details on this topic, see Timeline of international trade . PROCESSMethods of export include a product or good or information being mailed, hand-delivered, shipped by air, shipped by vessel, uploaded to an internet site, or downloaded from an internet site
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Balance Of Trade
The BALANCE OF TRADE, COMMERCIAL BALANCE, or NET EXPORTS (sometimes symbolized as NX), is the difference between the monetary value of a nation's exports and imports over a certain period. Sometimes a distinction is made between a balance of trade for goods versus one for services. If a country exports a greater value than it imports, it is called a TRADE SURPLUS, POSITIVE BALANCE, or a "favourable balance", and conversely, if a country imports a greater value than it exports, it is called a TRADE DEFICIT, NEGATIVE BALANCE, "unfavorable balance", or, informally, a "trade gap". CONTENTS * 1 Explanation * 2 Historical examples * 3 Views on economic impact * 3.1 Classical theory * 3.1.1 Adam Smith
Adam Smith
on the balance of trade * 3.2 Keynesian theory * 3.3 Monetarist theory * 3.4 Trade balances effects upon their nation\'s GDPs * 4 Balance of trade
Balance of trade
vs
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International Trade Law
INTERNATIONAL TRADE LAW includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right. This branch of law is now an independent field of study as most governments have become part of the world trade, as members of the World Trade Organization
World Trade Organization
(WTO). Since the transaction between private sectors of different countries is an important part of the WTO activities, this latter branch of law is now a very important part of the academic works and is under study in many universities across the world
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Trade Bloc
A TRADE BLOC is a type of intergovernmental agreement , often part of a regional intergovernmental organization , where barriers to trade (tariffs and others ) are reduced or eliminated among the participating states
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Trade Creation
TRADE CREATION is an economic term related to international economics in which trade flows are redirected due to the formation of a free trade area or a customs union . The issue was firstly brought into discussion by Jacob Viner (1950), together with the trade diversion effect. In the former case after the formation of economic union, the cost of the goods considered is decreased, leading to an increase of efficiency of economic integration. Hence, trade creation's essence is in elimination of customs tariffs on inner border of unifying states (usually already trading with each other), causing further decrease of price of the goods, while there may be a case of new trade flow creation of the goods between the states decided to economically integrate
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Trade Diversion
TRADE DIVERSION is an economic term related to international economics in which trade is diverted from a more efficient exporter towards a less efficient one by the formation of a free trade agreement or a customs union . CONTENTS * 1 Occurrence * 2 Term * 3 Downside * 4 Example * 5 See also * 6 External links OCCURRENCEWhen a country applies the same tariff to all nations, it will always import from the most efficient producer, since the more efficient nation will provide the goods at a lower price. With the establishment of a bilateral or regional free trade agreement, that may not be the case. If the agreement is signed with a less-efficient nation, it may well be that their products become cheaper in the importing market than those from the more-efficient nation, since there are taxes for only one of them
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Export-oriented Industrialization
EXPORT-ORIENTED INDUSTRIALIZATION (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage . Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries. However this may not be true of all domestic markets, as governments may aim to protect specific nascent industries so they grow and are able to exploit their future comparative advantage and in practise the converse can occur. For example, many East Asian countries had strong barriers on imports from the 1960s to the 1980s
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Import Substitution Industrialization
IMPORT SUBSTITUTION INDUSTRIALIZATION (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production. ISI is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, although it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton . ISI policies were enacted by countries in the Global South with the intention of producing development and self-sufficiency through the creation of an internal market. ISI works by having the state lead economic development through nationalization, subsidization of vital industries (including agriculture, power generation, etc.), increased taxation, and highly protectionist trade policies
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Trade Finance
TRADE FINANCE signifies financing for trade, and it concerns both domestic and international trade transactions. A trade transaction requires a seller of goods and services as well as a buyer. Various intermediaries such as banks and financial institutions can facilitate these transactions by financing the trade. CONTENTS * 1 Description * 2 Products and services * 3 Methods of payment * 4 References * 5 External links DESCRIPTIONWhile a seller (or exporter ) can require the purchaser (an importer ) to prepay for goods shipped , the purchaser (importer) may wish to reduce risk by requiring the seller to document the goods that have been shipped. Banks may assist by providing various forms of support. For example, the importer's bank may provide a letter of credit to the exporter (or the exporter's bank) providing for payment upon presentation of certain documents, such as a bill of lading
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Trade Facilitation
TRADE FACILITATION looks at how procedures and controls governing the movement of goods across national borders can be improved to reduce associated cost burdens and maximise efficiency while safeguarding legitimate regulatory objectives. Business costs may be a direct function of collecting information and submitting declarations or an indirect consequence of border checks in the form of delays and associated time penalties, forgone business opportunities and reduced competitiveness. Understanding and use of the term “trade facilitation” varies in the literature and amongst practitioners
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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 , when nations resorted to military means for control of this influential route. During the Middle Ages, organizations such as the Hanseatic League , aimed at protecting interests of the merchants, and trade became increasingly prominent
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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 .