Chp. 5- International Agribusiness Trends and Challenges

This set of flashcards covers key vocabulary related to international agribusiness trends, challenges, and strategies.

North American Free Trade Agreement (NAFTA)

A trade agreement that was replaced by the United States Mexico Canada Agreement (USMCA) in 2020, facilitating trade between the U.S., Canada, and Mexico.

Food Security

The state of affairs where all people at all times have access to safe and nutritious food needed for an active and healthy life.

Bulk Commodities

Agricultural exports that are typically large quantities of unprocessed goods such as grains, cotton, and tobacco.

Value-Added Products (HVPs)

Agricultural products that have undergone further processing or require special handling, such as fresh fruits, vegetables, and processed food items.

World Trade Organization (WTO)

An international organization formed in 1995 to regulate and facilitate international trade agreements and practices.

Exchange Rate Fluctuations

The changes in the value of one currency compared to another, impacting the competitiveness of exports.

Sanitary and Phytosanitary Regulations

Regulations designed to protect human, animal, and plant life or health from risks associated with food safety.

Joint Venture

A strategic alliance where two or more firms share resources in a specific business undertaking, such as production or marketing.

Licensing

A method of entering international markets where a firm contracts with another firm to produce and distribute its products.

Cultural Differences

Variations in the social norms and practices between different cultures, which can pose challenges in international business.

Greenfield Investments

Direct investments by a firm in a new facility or operation in a foreign country.