Trade Agreements
NAFTA stands for this
North American Free Trade Agreement
WTO stands for this
World Trade Organization
The EU stands for this
The European Union
A transnational corporation refers to this
A country that operates in more than one country
Sustainability refers to this idea
Meet current needs without compromising future generations' ability to meet theirs
These three countries are part of NAFTA (now CUSMA)
Canada, the United States, and Mexico
This is the main goal of the WTO
Promote free trade by reducing trade barriers
A benefit of the EU
1. Free movement
2. Common market
3. Common currency
Name a transnational corporation
I'll take your word for it
The resource gap refers to
The inequality between people who have access to resources and those who don’t
Supporters like NAFTA for this reason
1. Boosts Trade
2. Creates Jobs
3. Lowers Tariffs
The WTO does this when countries disagree over trade
Resolves disputes
Brexit refers to this event
The United Kingdom leaving the EU
TNCs help reduce poverty in this way
Provide jobs and bring investment
Population growth impacts sustainability in this way
It increases demand for resources, potentially faster than they can be replenished
Opponents dislike NAFTA for this reason
1. Job losses in certain industries
2. Outsourcing
One argument for and one argument against the WTO
For: Encourages economic growth
Against: Override national laws
Against: Harm smaller economies
People supported Brexit for this reason
To regain control over immigration and national laws
TNCs hurt local businesses in this way
Outcompete them
This was one of the major changes introduced by CUSMA
1. Rules for the Internet
2. Stronger environmental protection
3. Changes to auto industry rules
The WTO impacts a country's independence in this way
Can "force" countries to change laws
Brexit represents a conflict between these two ideas (hint: think of why they separated)
Sovereignty and global cooperation
"Race to the bottom" refers to this idea
Countries lower standards to attract business