international trade and access to markets

free market meaning

an area of countries that trade without tax or tarrifs. unrestricted competition

regional trade agreements meaning

trade deal between a group of countries or area

world trade organization meaning

group that manages trade across the world to keep it fair and peaceful

international trade meaning

trading all across the world between at least 2 countries - bilateral trade

G7 countries meaning

7 richest countries in the world, who meet to discuss world economic and political issues

trans pacific trade meaning

trade across the pacific ocean

trans Atlantic trade meaning

trade across the atlantic ocean

foreign direct investment meaning

an injection of money into another area abroad

emerging economies meaning

a rapidly growing country which is increasing its GDP each year e.g. Brazil

BRIC meaning

brazil

russia

india

china

MINT meaning

mexico

indonesia

nigeria

turkey

NIC meaning

newly industrialised country

top 4 exporters worldwide

china

usa

germany

japan

top 4 importers worldwide

usa

china

germany

japan

what attracts investment

access to markets

infrastructure

governmental stability

labour costs

size of population

14 barriers to trade

recession

political instability

corrupt government

Lack of natural resources to exploit or sell

Lack of skilled workers to develop resources

Exploitation of developing countries

Poor healthcare

Natural disasters and poor capacity to cope

Lack of infrastructure

Tarrifs and taxes

Quotas

Lack of FDI

Border controls

Standards, regulations, and quality of products