Social Studies 📍
OPEC- Organization of the Petroleum Exporting Countries
- OPEC is a corporation that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid instability that might affect the economies of both producing and purchasing countries
- Currently, the organisation has twelve members, namely: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
NAFTA- North American Free Trade Agreement
- Agreement signed by Canada, Mexico & the U.S.
- It was made to remove excessive barriers between the 3 countries
- It was implemented on January 1,1994
- But NAFTA is also highly controversial. Some economist and policy analyst argue that tariffs interfere with free market ideals by diverting resources to industries in which the U.S. is a less efficient, high-cost producer. Another common argument is that NAFTA encourages companies to outsource American jobs to lower-cost countries and the loss of tariffs reduces the money available for government programs.
G20- Group Of 20
- The Group of Twenty (also known as the G-20 or G20) is an international forum for the governments and central bank governors from 20 major economies.
- The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
G20 Brisbane Summit: What's the point of the G20 anyway? | Guardian Explainers
WTO- World Trade Organization
- The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.
- The WTO is run by its member governments. All major decisions are made by the membership as a whole, either by ministers (who usually meet at least once every two years) or by their ambassadors or delegates (who meet regularly in Geneva).
- 161 members since 26 April 2015
- The European Union, or EU, is a unified monetary body that tries to balance the needs of its 28 member countries, all of whom are independent financial and political individuals. It has all the advantages of a large, unified trading area but the disadvantages of political conflict between its members. It tries to overcome these disadvantage through a series of trade agreements and negotiations.
- All border controls between members were eliminated, allowing the free flow of goods and people (except for random spot checks for crime and drugs). Public contracts are open to bidders from any member country.
The European Union Explained*