TariffA tariff, or import tax, is a duty imposed by a national government, customs territory, or supranational union on imports of goods and is paid by the importer. Exceptionally, an export tax may be levied on exports of goods or raw materials and is paid by the exporter. Besides being a source of revenue, import duties can also be a form of regulation of foreign trade and policy that burden foreign products to encourage or safeguard domestic industry.
World Trade OrganizationThe World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. Established on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, it succeeded the General Agreement on Tariffs and Trade (GATT), which was created in 1948. As the world's largest international economic organization, the WTO has 166 members, representing over 98% of global trade and global GDP. It is headquartered in Geneva, Switzerland.
ExportAn export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an exporter; the foreign buyer is an importer. Services that figure in international trade include financial, accounting and other professional services, tourism, education as well as intellectual property rights.
ProtectionismProtectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors and raise government revenue.
MercosurSouth American economic agreementSpanish (left) and Portuguese (right) flag of MercosurMotto: "Our north is the South" Member states Associated states Suspended memberHeadquarters and capital cityMontevideoLargest citySão PauloRecognized languagesPortugueseSpanishGuaraniTypeIntergovernmental organization and customs unionMembership5 membersArgentinaBoliviaBrazilParaguayUruguay1 suspendedVenezuela7 associatedChileColombiaEcuadorGuyanaPanamaPeruSurinameLeaders• President pro temporeYamandú Orsi• President of Parlasur Arlindo ChinagliaLegislatureParlasurFormation• Iguaçu Declaration 30 November 1985• Buenos Aires Act 6 July 1990• Treaty of Asunción26 March 1991• Protocol of Ouro Preto16 December 1994Area• Total14,869,775 km (5,741,252 sq mi)• Water (%)1.0Population• 2024 estimate 295,007,000• Density23/km (59.6/sq mi)GDP (PPP)2024 estimate• TotalUS$6.681 trillion• Per capita US$23,259GDP (nominal)2022 estimate• Total US$2.638 trillion• Per capita US$9,643HDI (2023) 0.800very highCurrency5 currencies (ARS) Peso (BOB) Boliviano (BRL) Real (PYG) Guaraní (UYU) PesoTime zoneUTC-2 to UTC-5Date formatdd/mm/yyyy (CE)Websitewww.mercosur.intThe Southern Common Market (commonly known by abbreviations Mercosur in Spanish and Mercosul in Portuguese) is a South American trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994.
Open marketThe term open market is used generally to refer to an economic situation close to free trade. In a more specific, technical sense, the term refers to interbank trade in securities. In economic theoryEconomists judge the "openness" of markets according to the amount of government regulation of those markets, the scope for competition, and the absence or presence of local cultural customs which get in the way of trade.Commercial policyA commercial policy (also referred to as a trade policy or international trade policy) is a government's policy governing international trade. Commercial policy is an all encompassing term that is used to cover topics which involve international trade. Trade policy is often described in terms of a scale between the extremes of free trade (no restrictions on trade) on one side and protectionism (high restrictions to protect local producers) on the other.
Economic nationalismEconomic nationalism or nationalist economics is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. As a prominent modern ideology, economic nationalism stands in contrast to economic liberalism and economic socialism.
Economic liberalismEconomic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the economic expression of 19th-century liberalism up until the Great Depression and rise of Keynesianism in the 20th century.
European Economic AreaEuropean free trade zone established in 1994 EU states which form part of the EEA EFTA states which form part of the EEAInstitutions • Governance • Regulators • CourtsEEA Joint CommitteeEEA CouncilECEFTA SAECJEFTA CourtMember statesAll 27 EU member statesAustriaBelgiumBulgariaCroatiaCyprusCzech RepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyLatviaLithuaniaLuxembourgMaltaNetherlandsPolandPortugalRomaniaSlovakiaSloveniaSpainSweden3 of 4 EFTA member statesIcelandLiechtensteinNorwayEstablishment• EEA Agreement signed 2 May 1992• Entry into force 1 January 1994Area• Total4,945,000 km (1,909,000 sq mi)Population• 2021 estimate453,000,000GDP (nominal)2020 estimate• TotalUS$16.3 trillion• Per capitaUS$39,500The European Economic Area (EEA) is an international agreement that extends the common market of the European Union to three non-EU states: Norway, Iceland, and Liechtenstein.
ImportImport is the activity within international trade which involves buying and receiving goods and services produced in another country. An importer is a person, organization or country receiving imported goods which have been exported from another country. Importation and exportation are the defining financial transactions of international trade. The seller of such goods and services is called an exporter.
Bilateral tradeBilateral trade or clearing trade is trade exclusively between two states, particularly, barter trade based on bilateral deals between governments, and without using hard currency for payment. Bilateral trade agreements often aim to keep trade deficits at minimum by keeping a clearing account where deficit would accumulate. The Soviet Union conducted bilateral trade with two nations, India and Finland.*As an Amazon Associate I earn from qualifying purchases.