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7 Cards in this Set

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  • Back
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The Uruguay Round
An international trade areement

Signed by 148 nations in 1994

cut tariffs by 1/3 globally

foreign applicants in professional services can't be held to higher standards than domestic ones

reduced farm subsidies in Europe

phased out quotas on imports from developing countries

Created the WTO
Most favored nation
each country signing the Uruguay Round extends to other countries its most favorable trading terms
Free trade areas
participating nations agree to eliminate tariffs and other trade restrictions
customs unions
added a uniform tariff to free trad areas for non-members
common markets
expand on customs unions to reconcile all government trade regulations
NAFTA
EU
APR
Benefits of entering foreign markets
exploit competitive advantage

increased sales

leveraging strengths

achieve a competitive edge

achieve tax advantages

prolong product life

increase profits

Difficulties in entering foreign markets
political and legal influences

economic/demographic influences

social/cultural factors

technology

control problems