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Exam 3 trob senior year CHP 9

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mehehaji's version from 2017-11-09 00:51

Section

Question Answer
When was the first free trade area?1948, no quotas or tariffs, 3 countries
EECEuropean economic community, aka common market, 5 countries,no quotas, common external tariff
When was European community (EC) founded ?1967, expanded membership
EUEuropean Union, 1993, 12 countries EU 12 (orginal group)
When did EU 15 form?1995, included most developed countries
What year did euro adopt?2001
EEAEuropean economic area, promotes trade and economic relations; potential to control 40%of world trade
How much does EU T&A industry represent of worlds exports?29% 2nd largest
What was the European Union primary goal? to expand cooperation regarding trade, social issues,foreign policy, security defense, and judical issues
Who is europe's largest economcy?germany
What is the Brexit vote?"Britain Exit" June 2016, U.K.,Process began march 2017 finished by march 2019
Why is european union a key player in wto?because EU has a common trade policy called common commercial policy
What is common commercial policy?>all 28 members act as "one"
What does the European Commission do?negotaties trade agreements,represent european union
Who are biggest T&A producers in the Europe and European Union?france, germany, italy, spain, U.K.account for 75% of EU production
FTAFree trade area, region made up of 2 or more countries that have a comprehensive free trade agreement eliminating or reducing trade barriers
the europe and euorpean union region have a wide range of what?country sizes, population levels,levels of economic well being
How many countries does the european union have now?EU-28
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