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International trade

balance of payments

noun

the difference between the amount of money a country pays to foreign countries and the amount it receives from them

balance of trade

noun

the difference between the value of all the goods a country sells to foreign countries and all the goods it buys from them

blockade

noun

an official action that is intended to prevent people or goods from moving from one place to another

blockade

verb

to prevent people or goods from moving from one place to another

common market

noun

an economic organization, usually consisting of several countries, whose aim is to encourage free trade between its members

embargo

noun

a government order preventing trade with another country

embargo

verb

to stop trade with another country by means of a government order

export

noun

the practice or business of selling goods to another country

export

noun

a product that is sold to another country

export

verb

to send a product to another country so that it can be sold there

export

verb

to introduce an idea, tradition, or activity into another country

export

adjective

relating to or used in the sale of goods to another country

exporter

noun

a person, business, or country that sells goods to another country

fair trade

noun

a system by which farmers and producers in developing countries (=poorer countries with less industry) who trade with richer countries are paid fair wages, receive fair prices for their goods, and are encouraged to take care of the environment

free trade

noun

a system of international trade in which companies do not have to pay high taxes on the goods bought from or sold in other countries

GATT

noun

General Agreement on Tariffs and Trade: an international trade agreement and organization replaced by the World Trade Organization

the ICC

noun

the International Chamber of Commerce: an international organization of business owners

import

noun

a product from another country, that is bought with money from your country

import

noun

the process of buying and bringing in products from other countries

import

noun

relating to imports

import

verb

to buy a product from another country and bring it to your country

importation

noun

the process of bringing goods into a country in order to sell them

importer

noun

a person, company, or country that brings goods into their country in order to sell them

introduce

verb

to bring something such as a plant or animal into a country or environment for the first time

introduction

noun

the process of bringing something such as a plant or animal into a place or environment for the first time

most favored nation

noun

one of the countries that a particular country agrees to give the most advantages to in its international trade

the OECD

the Organization for Economic Cooperation and Development: a group of rich countries that work together to increase world trade

open-door policy

noun

a policy of allowing people and goods to come freely into a country

reimport

verb

to bring back into your country goods made in other places from materials that originally came from your country

sanction

noun

an official order to stop communication, trade, etc. with a country that has broken international law

terms of trade

noun

a measurement of a country’s position in international trade, which compares the prices of the goods it sells to other countries with the prices of the goods it buys from other countries

tied aid

noun

money given to a country or area where people need it, but they have to agree to spend it only on goods and services provided by the country or organization that has given the money

trade agreement

noun

an agreement between two or more countries on trade between them

trade deficit

noun

a situation in which a country is buying more things from other countries than it is selling to them

trade gap

noun

a trade deficit

trade surplus

noun

a situation in which a country is selling more to other countries than it is buying from them

undeclared

adjective

undeclared goods are goods that you bring illegally into a country without telling the customs authorities

the World Trade Organization

an international organization that controls trade between countries

the WTO

the World Trade Organization

exportation

noun

pre-cation

a paid holiday given to a new employee before they start their job

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