OPEC, NAFTA, G20, WTO, EU
What is OPEC?
The Organization of the Petroleum Exporting Countries was created in 1960 to unify and protect the interests of oil-producing countries. The organization allows oil-producing countries to guarantee their income by coordinating policies and prices among them. This unified front was created primarily in response to the efforts of Western oil companies to drive oil prices down. The original members included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. OPEC has since expanded to include seven more countries — Algeria, Angola, Indonesia, Libya, Nigeria, Qatar, and United Arab Emirates — making a total membership of 12.
What is NAFTA?
NAFTA is the North American Free Trade Agreement, a treaty between Canada, Mexico, and the United States that has been in effect since 1 January 1994. The agreement was designed to increase trade among the three nations by reducing or eliminating restrictions on commerce, such as tariffs and import quotas. It is one of the most powerful and wide-reaching treaties in the world, governing the entire spectrum of trade and commerce on the North American continent. Although it was designed to benefit its member nations economically, it has been the subject of controversy since its inception.
What is G20?
G20, which stands for Group of Twenty, is an assembly of governments and leaders from 20 of the world's largest economies: 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russian Federation, Saudi Arabia, South Africa, Turkey, United Kingdom, United States – and the European Union.
What is WTO?
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.
What is EU?
- The European Union is a politico-economic union of 28 member states that are located primarily in Europe. The EU operates through a system of supranational institutions and intergovernmental-negotiated decisions by the member states.