organizations that facilitate international trade and the major trading blocs around the world
Major organizations that facilitate trade include the World Trade Organization (WTO), the International Monetary Fund (IMF), and, at least indirectly, the World Bank. Major regional trading blocs include NAFTA (Canada, Mexico, and the United States), the European Union (more than two dozen countries across Europe), and APEC (21 countries around the Pacific Rim).
(1) Why do trade disputes sometimes take years to resolve? (2) If a country currently benefits from high tariffs on imports, why might it consider joining a trading bloc that requires it to lower or eliminate those tariffs?
(1) Can you identify any ways in which your life as an employee or a consumer has been affected by U.S. membership in trading blocs such as NAFTA and APEC? (2) How can you confirm that the effect was caused by trading bloc membership?