Diplomacy & Politics Glossary

A situation where a country can produce a good or service more efficiently than another country, using fewer resources.

A record of all economic transactions between residents of a country and the rest of the world over a period.

When strict climate policies cause emissions to shift to countries with looser regulations.

An economic principle stating that countries benefit by specializing in producing goods where they have a lower opportunity cost than others, enabling efficient trade.

A trade principle requiring a state to grant another state the same trade advantages it provides to any third party.

The ratio of export prices to import prices, indicating how many imports a country can buy per unit of exports.

A measure of how sensitive the quantity of traded goods is to changes in trade costs or prices.

The responsiveness of the quantity supplied of a good to changes in its price in international markets.

A legal process resolving trade disputes between member countries to enforce WTO agreements.

Trade agreements within the WTO framework that involve only some member countries rather than all members.

These negotiations involve member states agreeing on tariff reductions to promote free and fair international trade.

Agreement aiming to simplify and expedite customs procedures to boost international trade efficiency.

Trade agreements among a subset of WTO members that do not require consensus of all members but operate under the WTO framework.