IB TEST CHAP 5

Bilateral Trade Agreement

A trade agreement between two countries.

Trans-Pacific Partnership

A trade agreement that the US pulled out of under President Donald Trump.

Free Trade Agreement of the Americas

Involved every country in North and South America except Cuba.

USMCA

Canada did well in Auto exports and Chapter 19 dispute resolution.

Tax Treaties

Main purpose is to prevent double taxation.

Non-resident Taxation in Canada

A Raptor player remains taxable in Canada if employed there, regardless of residence.

Croatia

The most recent country to join the EU.

Brexit

The moniker that signifies Britain's departure from the EU.

Dollarization

When a country adopts the US dollar as their own currency.

Softwood Lumber Dispute

Canada's most famous dispute brought before the WTO.

G8

Refers to the major advanced economies of the world.

WTO Patent Protection

A Canadian patent protects only within Canada, while a WTO patent protects across all member states.

APEC

Member countries are located around the Pacific Ocean.

EU

Canada's second largest trading partner after the U.S.

Multilateral Trade Agreement

A trade agreement between three or more countries.

USMCA Disadvantages for Canada

Canadian dairy market access and maintained tariffs on steel and aluminium.

CPTPP

The agreement that replaced the Trans-Pacific Partnership.

Free Trade Agreement of the Americas Size

Would have created the world's largest trading zone, accounting for 36% of global trade.

European Union Countries

There are today 27 countries in the EU.

Britain's EU Departure Date

Britain left the EU on January 31, 2020.

EU Population

The approximate population of all EU countries is 450 million.

US-Canada Tax Treaty

Exempts American players from paying Canadian taxes.

WTO Patent Laws Drawbacks

Prevent other companies from producing generic, affordable drug versions.

G8 Current Status

It is now the G7 due to Russia's suspension.

Purpose of the G20

To develop countries beyond the G7 and acknowledge BRIC nations' influence.

Denmark's Currency Choice

A country still in the EU that opted out of using the Euro.

Trade Agreement vs. Trade Organization

Trade agreements are enforceable treaties; trade organizations help with goods and services flow.

NAFTA Advantages

Lower prices for goods, increased trade access to raw materials and technology.

Geographic Indication

Identifier of goods from a specific geographic origin, like champagne from France.

WTO Purposes

Negotiation forum and dispute settlement.

NAFTA Disadvantages

Loss of jobs, lower wages, and human rights issues.

Canadian Tax for Non-resident Raptors Player

They pay nothing if duties are performed outside Canada due to the Canada-US tax treaty.

Advantages of the Euro

Price transparency and reduced risk of exchange rate fluctuations.