The European Economic Community (EEC), also known as the Common Market, was established in 1957 by the Treaty of Rome to foster economic cooperation among its member states. Its primary goals were to create a common market and customs union, reduce trade barriers, and enhance economic integration.
The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty created to reduce tariffs and other trade barriers, aimed at promoting international trade and economic cooperation. It was later replaced by the World Trade Organization (WTO) in 1995.
The General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
The General Agreement on Tariffs and Trade (GATT) was a trade treaty aiming to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas. Active from 1948 until 1995, it was replaced by the World Trade Organization (WTO).
Most Favored Nation (MFN) is a trade status granted by one nation to another, ensuring the lowest possible tariffs and the fewest trade barriers. This status fosters equal treatment in international trade, promoting economic cooperation and growth.
The North American Free Trade Agreement (NAFTA) was a trilateral trade agreement between Canada, Mexico, and the United States aimed at reducing trade barriers and promoting economic growth. It was replaced by the United States-Mexico-Canada Agreement (USMCA) in 2020.
Protectionism encompasses economic policies designed to restrict imports of goods that compete with domestic producers. It aims to shield domestic industries from foreign competition, thereby enabling local businesses to thrive.
A Trade War is a conflict involving two or more countries aimed at improving their own import/export positions by imposing tariffs or other trade barriers against each other.
