Textbook Notes (363,452)
Canada (158,372)
Economics (800)
ECON 1100 (224)
Chapter 15

Chapter 15 International Trade and Trade Policy

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University of Guelph
ECON 1100
Eveline Adomait

Chapter 15: International Trade and Trade Policy Tuesday, April 9, 2013 7:34 PM 15.3 Trade Institutions Definitions Department of Foreign Affairs and International Trade (DFAIT) - a department of Canada's federal government led by multiple cabinet ministers; responsibility for international trade policy is shared between the Minister of International Trade and the Department of Finance Multilateral Agreement- a document signed by representatives of many nations to express their acceptance of the principles set out in the document General Agreement on Tariffs and Trade (GATT) - a multilateral agreement dating back to the late 1940s that, through numerous rounds of trade negotiations , led to reduced tariffs and quotas among many countries Most-Favored Nation (MFN) Treatment- an agreement that any special arrangement, such as a reduced tariff that is offered to one country in the interests of opening up a market, must be offered to all other members National Treatment- once a good has entered a country it must be treated as equivalent to a domestically produced good of the same type for purpose of taxation and regulation Fair Competition- the practice of discouraging both export subsidies and the dumping of products on foreign markets at below cost in order to gain market share World Trade Organization (WTO) - official international trade body headq
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