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Questions and Answers

What is the purpose of GATT (General Agreement on Tariffs and Trade)?

To establish preferential trade agreements

To promote trade among nations (correct)

To create non-tariff barriers for imports

To impose tariffs on imports from certain countries

What is the primary objective of a free trade area?

To establish common external barriers to trade

To abolish tariffs and other barriers among member countries (correct)

To harmonize national laws and regulations

To promote regional economic integration

What is the main characteristic of a customs union?

Elimination of internal barriers to trade (correct)

Harmonization of national laws and regulations

Establishment of common external barriers to trade

Free movement of factors of production

What is the key feature of an economic union?

Free movement of factors of production Signup and view all the answers

What is the main objective of the European Union?

To harmonize national laws and regulations Signup and view all the answers

What is the main aim of the Gulf Cooperation Council (GCC)?

To promote regional economic integration Signup and view all the answers

What are some potential export problems that companies may face?

Legal procedures Signup and view all the answers

Which governmental action is aimed at discouraging imports and blocking market access?

Tariffs Signup and view all the answers

What did Japan's trade ministry develop after WWII?

Export strategies Signup and view all the answers

What did the China triangle (People’s Republic, Taiwan, & Hong Kong) and the four tigers learn from Japan?

Export strategies Signup and view all the answers

What are examples of nontariff barriers mentioned in the text?

Quotas Signup and view all the answers

What do most nations encourage and restrict?

Exports and imports Signup and view all the answers

What are some factors involved in arranging transportation for exports?

Transport rate determination Signup and view all the answers

What did the China triangle (People’s Republic, Taiwan, & Hong Kong) and the four tigers learn from Japan?

Export strategies Signup and view all the answers

What are examples of nontariff barriers mentioned in the text?

Quotas Signup and view all the answers

What do most nations encourage and restrict?

Exports and imports Signup and view all the answers

What are some factors involved in arranging transportation for exports?

Transport rate determination Signup and view all the answers

Study Notes

5% antidumping tariff on shoes imported from China
Nontariff barriers against Chinese textiles include quotas
Tariffs on foreign auto parts reach as high as 28%
Expensive, time-consuming procedures for obtaining pharmaceutical import licenses are non-tariff barriers
Preferential tariffs are lower tariff rates for imports from certain countries
GATT (General Agreement on Tariffs and Trade) is a treaty among nations to promote trade, established in 1947
Over 300 preferential trade agreements (PTAs) exist, giving partners special treatment and potentially discriminating against others
Free trade area: countries agree to abolish tariffs and other barriers amongst themselves, but continue independent trade policies with non-members
Customs union: includes the elimination of internal barriers to trade and the establishment of common external barriers to trade
Economic union: includes the elimination of internal barriers to trade, common external barriers, and the free movement of factors of production
European Union aims to harmonize national laws and regulations for the free flow of goods, services, people, and money across national boundaries
Middle East region, primarily Arab with varying degrees of economic freedom, contains 95% Muslim, 5% Christian and Jewish population, and 25% of the world's oil
The Gulf Cooperation Council was established by six countries with 45% of the world's oil to diversify industries and reduce reliance on oil
Political environment: trade barriers, tariff and non-tariff, favor local firms and discriminate against foreign ones; economic environment: regional economic integration aims to use resources more effectively and provide larger markets for member-country producers.

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Description

Test your knowledge on the challenges of exporting, including transportation, packaging, and legal procedures, as well as the national policies governing exports and imports. Explore the impact of government programs and learn about Japan's trade after WWII.