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Unit 6 - Coggle Diagram
Unit 6
- General Agreement on Tariffs and Trade (GATT)
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- Aimed to reduce trade barriers
- Evolved into WTO due to enforcement limitations
- Last round in Uruguay, 1993
- World Trade Organization (WTO)
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- Stronger enforcement than GATT
- Over 125 members, covers over 90% of global trade
- Includes dispute settlement mechanism
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- Regional integration among nations
- Stages include preferential trading area to complete economic integration
- Goals: lower trading costs, coordinate policies
- Trans-Pacific Partnership (TPP)
- Intended for global trade rules
- Covered 40% of global economy
- Included tariffs reduction, services trade, investment rules
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- United States-Mexico-Canada Agreement (USMCA)
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- Effective potentially in 2020
- Aims to lower U.S.-Mexico trade deficit
- Introduces auto manufacturing and investment changes
- North American Free Trade Agreement (NAFTA)
- Initiated in 1980, effected in 1994
- Between Canada, U.S., Mexico
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- Increase investment opportunities
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- Establish dispute resolution methods
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- Promotes peace, reduces barriers, sustainable development
- Aims for a common European area without borders
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- Driven by economics, sovereignty, nationalism
- Economic dissatisfaction with EU
- Desire for national sovereignty
- Response to global nationalism trends
- Immigration control concerns