International Trade 2 - Global Organizations

Caricom -

Caribbean Community & Common Market. Focuses on eliminating trade barriers between Caribbean member countries. Established to replace Carissa

Carifta

Caribbean Free Trade Association. Its mission was to encourage the Caribbean development by increasing trade among member countries. However, it failed to achieve the expected results and was therefore replaced by Caricom.

CSME

Caribbean Single Market & Economy. Its objective is to provide a single economic system beneficial to developing the Caribbean’s economic power in the global market.

EEC

European Economic Community. The Eu emerged from this organization and its objective is the free trade between member countries.

EU

European Union. Consists of a group of countries in Europe joined together for mutual benefit. Most of them share the Euro dollar as common currency.

World Bank

A source of financial & technical assistance to countries around the world in need of economic development. They give out long term loans & is made up of IRBD & IDA.

IBRD

International Bank of Reconstruction & Development. Aim to reduce poverty in middle income & credit worthy poorer countries.

IDA

International Development Association. Part of the world bank and provides soft loans for economic development projects in developing countries with little or no interest rate charges.

IMF

International Monetary Fund. Lends short term loans to counties with balance payment deficits

GATT

General Agreement of Trade and Tariff. Now replaced by WTO.

WTO

World Trade Organization. Only global organization dealing with rules of trade between nations. Goal is to help producers, exporters, and importers conduct business.

ACS

Association of Caribbean States. Objectives are to strengthen cooperation within the region, preserve the Caribbean sea’s environment integrity, and promote sustainable development.

CBI

Caribbean Basin Initiative. Main objective is to extend trade benefits to the Caribbean and Central America

OECS

Organization of Eastern Caribbean States. Seeks to strengthen Caribbean countries at a disadvantage competing with the rest of world due to size

FTAA

Free Trade Areas of the Americas. A treaty which united the economies of North and South America ito a single Free Trade Area

NAFTA

North American Free Trade Agreement. In agreement with USA, Canada, and Mexico to operate as a trading block. Has brought about economic growth and increased standard of living for those living in these countries.

OAS

Organization of American States. Brings together the 35 countries of North & South America.

ILO

International Labour Organization. United Nations agency dealing with labour issues worldwide

UNCTAD

United Nations Conference on Trade and Development. Established to bring development to developing countries by enabling them to bargain with developed countries particularly in getting higher prices for their exports

OPEC

Organization of Petroleum Exporting Countries. Comprised of countries that produce and export oil and other petroleum products

UN

United Nations. Established to measure a country’s quality of life, welfare and level of development

CBD

Caribbean Development Bank. Lends money to Caribbean countries for economic development.

IDB

Inter-American Development Bank. Lends money to Caribbean countries & the Americas for economic development.