ECON 3HH3 Chapter Notes - Chapter 11: North American Free Trade Agreement, Sweatshop, Preferential Trading Area
21 Apr 2018
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Chapter 11 international agreements: trade, labour and the environment. The year 2015 marked the birth of several international agreements and the several of others: Among the agreement born was an international climate. Among the agreements born was the international climate agreement known as cop21 negotiated in paris in dec 2015. A 2nd new agreement was the tran-pacific partnership (tpp) a free-trade agreement among 12 countries that border the pacific ocean. Among the 2015 deaths was that of the doha round of the wto. Import tariffs increase the import price for consumers in large countries but lower the price received by foreign exporting firms. The reduction in the price received by exporters is a term-of trade gain for the importing country. When 2 or more countries apply tariffs against each other in an attempt to capture their terms-of- trade gain they both end up losing.
