International Trade Agreements

noun a market in which prices are determined by supply and demand and are open to all buyers and sellers without restrictions

adjective used to describe the market as being accessible to all buyers and sellers without restrictions

• The government decided to deregulate the industry and allow an open market for competition.
• I love shopping at the open market on weekends for fresh produce.
• Let's hit up the open market for some cool stuff.
• In order to succeed in business, you need to be able to navigate the open market of ideas and innovation.

noun a trade surplus

verb to exchange one thing for another

• The two countries have agreed to increase trade relations.
• I heard that the trade between those two companies is booming.
• Let's trade some goods and make some cash.
• She knew she had to trade her comfort for success in her career.

noun the right to operate in the coastal waters of a particular country

• Cabotage laws restrict the transportation of goods or passengers within a country to only domestic carriers.
• You can't just hire a foreign company to transport goods within the country due to cabotage regulations.
• They got fined for trying to do cabotage with an international shipping company.
• The cabotage of ideas within the organization led to a lack of innovation.

noun a noun is a word that names a person, place, thing, or idea. In this case, 'customs partnership' is a noun because it is a term used to describe a specific type of agreement or relationship between entities involving customs procedures.

• The two countries established a customs partnership to streamline trade processes.
• They decided to work together on a customs partnership for easier imports and exports.
• Let's team up with them for a customs partnership and make things smoother.
• Building a customs partnership is like creating a bridge for trade between nations.

noun a group of countries that have agreed to eliminate tariffs and other trade barriers between themselves, and to adopt common external tariffs on goods from countries outside the union

• The two countries agreed to form a customs union to facilitate trade between them.
• Joining the customs union will make it easier for us to buy and sell goods with our neighboring countries.
• Being part of the customs union means we can avoid all the hassle of import and export paperwork.
• In a way, being in a customs union is like being part of a big club where everyone helps each other out with trade agreements.

noun The Trans-Pacific Partnership (TPP) is a trade agreement among twelve Pacific Rim countries.

• The TPP is a trade agreement between several countries in the Asia-Pacific region.
• Have you heard about the TPP and its impact on international trade?
• I'm not sure I understand all the details of the TPP deal.
• The TPP is like a puzzle with many pieces that need to fit together perfectly.