by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations
What is an Absolute Quota?An absolute quota is the maximum amount of imports of commodities that is allowed into a country at a particular period of time. The two divisions of import quotas are absolute quotas and tariff quotas. Absolute quotas can further be divided...
by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations
What is the North American Free Trade Agreement (NAFTA)?The North American Free Trade Agreement (NAFTA) was signed by Mexico, Canada and the United States to eliminate trade barriers on products (textiles, automobiles, agriculture and many others) traded between these...
by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations
What is the United States Customs Service (USCS)?The United States Customs Service (USCS) was a federal government agency, established on July 31, 1789, following the American Revolutionary War. This agency was responsible for collecting import tariffs and other...
by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations
What is the United Nations Conference on Trade and Development (UNCTAD)?The United Nations Conference on Trade and Development (UNCTAD) is a permanent intergovernmental body that is responsible for the integration of developing countries into the world economy through...
by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations
What is the United Nations Industrial Development Organization?The United Nations Industrial Development Organization (UNIDO) is a specialized agency of the United Nations that promotes industrial development in developing as well as transitioning economies in order...
by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations
What is Compensatory Trade?Compensatory Trade, or countertrade, refers to the exchange of goods (commodities) and services between two countries which is not paid for in cash but in other goods or services.
