ESP231 - Unit 3: International trade policy

Capital account

The component of BOP that records currency flows due to dealings in financial assets like investments and loans. - Tài khoản vốn

Code of conduct

A non-binding instrument that seeks to regulate the behavior of governments or private corporations. - Quy tắc ứng xử

Commercial policy

An older term for trade policy, covering government actions that influence trade in goods and services. - Chính sách thương mại

Contingent multilateralism

The idea that multilateral action is preferred, but sometimes free-trade agreements or unilateral action is better. - Chủ nghĩa đa phương tùy thuộc

Contingent protection

Legal protective mechanisms (like anti-dumping duties) used to counter dumping, subsidies, or import surges. - Bảo hộ tùy thuộc / Phòng vệ thương mại

Globalization

The increasing integration of national economies through trade, investment, and capital flows. - Toàn cầu hóa

Globalization of markets

The process of national markets moving away from being distinct entities and merging into a global marketplace. - Toàn cầu hóa thị trường

Local content requirement

A requirement that a specific fraction of a good be produced domestically. - Yêu cầu về tỷ lệ nội địa hóa

Voluntary export restraint (VER)

A quota on trade imposed by the exporting country, usually at the request of the importing country. - Hạn chế xuất khẩu tự nguyện

Price elasticity of demand

A measure of how the quantity demanded of a product responds to a change in its price. - Độ co giãn của cầu theo giá

Balance of payments (BOP)

A statistical summary of a country's total economic and financial transactions with the rest of the world. - Cán cân thanh toán

Current account

The component of BOP showing trade in goods and services, income, and unrequited transfers. - Tài khoản vãng lai

Balance of trade

The balance between a country's exports and imports of goods and services. - Cán cân thương mại

Competition policy

Government approaches to promoting and protecting competition within the economy. - Chính sách cạnh tranh

Anti-dumping measures

Actions taken by a government to counter the import of goods at a price lower than their normal value (dumping). - Các biện pháp chống bán phá giá

Competitive advantage

A theory stating that a firm's success is based on cost or product-based advantages over its rivals. - Lợi thế cạnh tranh

Comparative advantage

A country's ability to produce a good or service at a lower opportunity cost than other countries. - Lợi thế so sánh

Absolute advantage

A country's ability to produce a good or service using fewer resources than another country. - Lợi thế tuyệt đối

Countervailing duties

Tariffs levied on imported goods to offset subsidies made to the producers of these goods in the exporting country. - Thuế chống trợ cấp

Internationalization

The extension of economic activities across borders, often with countries specializing in stages of production. - Quốc tế hóa

Free trade

The free movement of goods, services, capital, and people across borders with few or no barriers. - Thương mại tự do

Non-tariff measures / barriers

Trade barriers that restrict imports or exports through means other than tariffs (e.g., quotas, regulations). - Các biện pháp/hàng rào phi thuế quan

Trade liberalization

The gradual or complete removal of barriers to trade, such as tariffs and quotas. - Tự do hóa thương mại

Trade policy

The complete framework of laws and regulations that a government uses to manage its trade. - Chính sách thương mại

Bilateral trade agreement

A trade agreement between two countries. - Hiệp định thương mại song phương

Multilateral trade agreements

Trade agreements between multiple countries, aimed at liberalizing trade under non-discriminatory conditions. - Hiệp định thương mại đa phương

Multilateralism

An approach to international trade based on cooperation and equal rights among many countries. - Chủ nghĩa đa phương

Common market

A group of countries with no internal tariffs, a common external tariff, and free movement of labor and capital. - Thị trường chung

Economic risk

The likelihood that events, including economic mismanagement, will cause drastic changes in a country's business environment. - Rủi ro kinh tế

Floating exchange rates

A system where a currency's exchange rate is determined by supply and demand. - Tỷ giá hối đoái thả nổi

Horizontal foreign direct investment

FDI in the same industry abroad as a firm operates in at home. - Đầu tư trực tiếp nước ngoài theo chiều ngang

Infant industry argument

The idea that new industries in developing countries need temporary protection from international competition. - Lập luận bảo hộ ngành công nghiệp non trẻ

Tax haven

A country with exceptionally low, or no, income taxes. - Thiên đường thuế

Positive sum game

A situation in which all participants can benefit, even if some benefit more than others. - Trò chơi có tổng dương

Systematic risk

Risk affecting all firms in an economy due to macroeconomic forces. - Rủi ro hệ thống

Mixed economy

An economic system with both private ownership and significant government ownership/planning. - Nền kinh tế hỗn hợp

Digital trade

Trade that is digitally ordered and/or digitally delivered. - Thương mại số

Trade-offs

A situational decision that involves diminishing or losing one quality, quantity, or property in return for gains in other aspects. - Sự đánh đổi

Divergent regulatory approaches

Different and conflicting rules and policies adopted by different jurisdictions. - Các cách tiếp cận quản lý trái chiều

Intellectual property

Creations of the mind, such as inventions, literary and artistic works, designs, symbols, names and images used in commerce. - Sở hữu trí tuệ