international trade relationships

• What are the main trading entities mentioned in the study material?

  USA and EU
• Which countries have risen to prominence in world trade?

  LDES and EMES
• What percentage of global exports does China account for?

  20%
• When did China become the world's biggest trader in goods?

  2013
• What was China's economic status in 2015?

  Largest economy in the world
• How is intra-regional trade characterized in Europe and Asia-Pacific?

  It is high
• Where does trade in Latin America and sub-Saharan Africa typically go?

  Outside the region
• What is the trend in trade relationships according to the study material?

  Western countries pulling back from global trade
• What is the impact of trade blocs on regionalization?

  It increases trade
• What are the benefits of being in a trade bloc?

  • No tariffs or trade restrictions
  • Free movement of goods (e.g., EU)
  • Less environmental impacts of trade
  • Helps grow industries by reducing competition
  • Support from larger economies (e.g., EU regional development fund)
• What happened to the TPP negotiations under Trump?

  Trump withdrew from TPP negotiations
• What was the outcome of the TTIP negotiations in 2016?

  Negotiations collapsed
• What was the result of the NAFTA renegotiation?

  It formed USMCA
• How many free trade agreements does the USA have?

  20
• What does the TPP include?

  12 Asian countries in the Americas and Asia
• What percentage of the world's economy does the TPP apply to?

  40%
• What does the TPP promise for service providers?

  Greater access to markets
• What is a concern regarding state-owned enterprises in the TPP?

  Limiting government favoritism
• What was the most recent EU trade deal mentioned?

  Canada-EU deal approved in 2017
• What has increased in popularity in the EU?

  Anti-free trade movements
• What challenges exist for a trade agreement between the EU and USA?

  Opposition to cheap imports and differing standards
• What was the impact of the UK's exit from the EU?

  Detrimental to EU funds and investment
• What is a trade deficit?

  Cost of imports exceeds exports
• What is a trade surplus?

  Cost of exports exceeds imports
• What are the causes and impacts of globalization?

  Causes:

  • More countries involved in global trade
  • Diversifying trade relations away from Europe and North America

  
  

  Impacts:

  • Decreased income for farmers
  • Increased unemployment and decreased wages in developed countries
  • Decline of the steel industry in developed countries
  • Political decisions like Brexit and voting for Trump
  • Shrinking of trade blocs
  • Trade deficits in developed countries
• What percentage of global imports does China account for?

  15%
• What is China's role in global trade?

  Major trading power with significant exports
• What types of goods does China trade?

  Food, machinery, furniture, clothing, electronics
• What is the nature of China's trade relationship with Africa?

  • Built on economic ties
  • Focus on sustainable development
  • Africa seeks FDI to overcome debt
  • Infrastructure projects completed on time and budget
  • Many African countries want to join BRICS for favorable loan terms
• What has China invested in Mozambique?

  Billions in roads, hotels, and bridges
• What are the criticisms of China's involvement in Mozambique?

  Accused of supporting corrupt regimes
• How has China's trade with the USA improved its economy?

  By trading with HICs like the USA
• What agreement was set up between the EU and China in 2013?

  Investment agreement for long-term access
• What does China import from lower-income countries?

  Raw materials from Africa
• How are LDES increasing their role in world trade?

  • Through trade blocs like Mercosur in South America
  • African Economic Community (AEC) in Africa
  • Aim to be customs unions and achieve free trade agreements
• What does Mercosur allow in terms of trade?

  Free movement of goods
• What are the main exported goods in Latin America?

  Raw materials and food
• What are the challenges for trade in sub-Saharan Africa?

  Lack of skills, poor transport, and corruption
• What discourages investment into industrial development in Africa?

  Widespread corruption