Chapter 6 Key Terms
Introduced in 1999, this common currency is used by 19 of the 27 member states of the European Union.
What is the euro?
Coined during the Greek financial crisis, this term refers to the possibility of Greece leaving the eurozone and returning to its former currency, the drachma.
What is Grexit?
Comprising seven major advanced economies, this group meets annually to discuss economic policy and global issues.
G7 (Group of Seven)
Formed in 1999, this international forum brings together major economies to discuss and coordinate global economic policies.
G20 (Group of Twenty)
NAFTA has since been replaced with this new title.
What is the United States Canada Mexico Agreement
(USCMA)?
This trade agreement, implemented in 1994, eliminated most tariffs and trade barriers between Canada, Mexico, and the United States.
What is NAFTA?
This landmark trade agreement aims to eliminate tariffs on industrial goods, agricultural products, and services among its member countries.
What is a Trade Agreement?
This scandal revealed hundreds of private tax rulings negotiated between multinational corporations and the Luxembourg government, exposing favorable tax treatment.
What is Luxleaks?
This organization acts as Canada's Export Credit agency, providing services such as trade financing and export credit insurance
What is Export Development Canada?
Adopted in 2015, this international treaty aims to combat climate change by limiting global warming to well below 2 degrees Celsius above pre-industrial levels.
What is the Paris Agreement?
Established to promote international monetary cooperation and provide financial stability, this organization lends to countries experiencing balance of payments problems.
What is the International Monetary Fund?
Proposed to transport oil from Canada to the United States, this controversial project faced significant environmental and political opposition.
What is the Keystone XL Pipeline?
This domestic trade organization aims to help Canadian companies gain access to international markets.
What is Export Development Canada (EDC)
This acronym represents an association of five major emerging economies: Brazil, Russia, India, China, and South Africa.
BRICS
Founded in 1960, this intergovernmental organization coordinates petroleum policies among its member countries to stabilize oil markets.
What is OPEC (Organization of the Petroleum Exporting Countries)?
This political and economic union consists of 27 member states, with the goal of promoting economic cooperation and integration among its members.
What is the European Union
Established in 1995, this organization sets global trade rules and resolves disputes between member countries
What is the WTO (World Trade Organization)?
Introduced in Canada, this program allows employers to hire workers from other countries to fill temporary labor shortages when qualified Canadian citizens or permanent residents are not available.
What is the Temporary Foreign Workers Program (TFWP)
Founded to stimulate economic progress and world trade, this organization provides a platform for member countries to compare policy experiences.
OECD (Organization for Economic Co-operation and Development)?
This term refers to a group of firms or countries that collude to restrict competition and control prices in a particular industry or market.
What is a cartel?
This forum promotes free trade and economic cooperation among its 21 member economies bordering the Pacific Ocean.
What is APEC (Asia-Pacific Economic Cooperation)?
Created to provide financial and technical assistance for development projects in developing countries, this institution is headquartered in Washington, D.C.
What is the World Bank?
The free trade agreement between Canada and the European Union
What is Canada and EU Free Trade Agreement (CETA)?
This organization acts as Canada's Export Credit Agency
What is Export Development Canada
This organization has been accused of increasing global poverty rather than alleviating it
What is the International Monetary Fund? (IMF)