patterns of trade

Inter-regional trade

Trade that occurs between different regions or countries, such as between Europe and North America.

Transatlantic Trade & Investment Partnership (TTIP)

A trade agreement aimed at promoting trade and economic growth by removing trade barriers and lowering tariffs between the USA and the EU.

Comparative advantage

The principle that a country should specialize in producing goods that it can produce most efficiently, enabling trade with other nations.

Intra-regional trade

Trade that occurs within a specific region, such as the European Union.

Eurozone

A group of European Union countries that have adopted the euro as their official currency, facilitating easier trade and financial transactions.

FDI (Foreign Direct Investment)

Investment made by a company or individual in one country in business interests in another country, influencing patterns of international trade.

Supranational organisations

Organizations formed by multiple countries to promote regional cooperation, trade, and political collaboration, such as the EU.

Tariff barriers

Taxes imposed on imported goods to restrict trade and protect domestic industries.

Deep water ports

Ports that are deep enough to accommodate the largest ocean-going vessels, facilitating international trade.

Natural resources

Materials that occur naturally in the environment and can be extracted for economic benefit, significantly influencing trade patterns.