International Business Sean Redding, Luke Young

World Trade Organization (WTO) Organization for liberalizing trade. Governments use the WTO to sort out their trade problems face to face with each other WTO agreements, negotiated and signed by most of the worlds training nations.

World Bank vs. International Monetary Fund Has a central focus on development, providing low-interest, long-term loans for economic progress, particularly in developing nations Directed by the member governments Responsible for freezing assets of mutually agreed upon individuals Focuses on the regulation of the market to ensure that business operations are operating smoothly and fairly Works to make sure the exchange rates are fair and business practices across the world happen appropriately

NAFTA (North American Free Trade Agreement) 1988 America and Canada created the Canada- United States Free Trade Agreement. American government approached Mexico for a similar deal Canada wanted in with the new deal with Mexico to keep perceived gains from the previous trade agreement. Created largest trade bloc in the world in terms of GDP

NAFTA Based on two supplements –North American Agreement on Environmental Cooperation (NAAEC) –North American Agreement on Labor Cooperation( NAALC) These set environmental and labor standards for all of the countries

OPEC Stands for Organization of Petroleum Exporting Countries A cartel, controlling the supply and prices for oil. Member countries include: –Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.

Activity Pick your favorite business Write their top competitors Figure out how you could organize them into a cartel with your competition, or establish a monopoly yourself- What product would you control the price of? What if someone decides to lower the price on that?