Overview
Global economic integration is a vital process that connects countries through trade, investment, and labor movement. It fosters economic cooperation and interdependence, leading to growth and development. Understanding the mechanisms of trade agreements, foreign direct investment, and global supply...
Key Terms
Example: The North American Free Trade Agreement (NAFTA) is a trade agreement between the U.S., Canada, and Mexico.
Example: A U.S. company opening a factory in India is an example of FDI.
Example: A smartphone may be designed in the U.S., manufactured in China, and assembled in Vietnam.
Example: The U.S. and South Korea have a bilateral trade agreement.
Example: The World Trade Organization (WTO) facilitates multilateral trade agreements.
Example: A 10% tariff on imported steel makes foreign steel more expensive.