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1.World Trade Organization-an international organization based in Geneva that monitors and enforces rules governing global trade 2.GATT-General Agreement on Tariffs and Trade 3.NAFTA-North American Free Trade Agreement: an agreement for free trade between the United States and Canada and Mexico 4.Free Trade-international trade free of government interference 5.Most Favored Nation-of or relating to a commercial treaty where two nations agree to accord each other the same favorable terms that would be offered in treaties with 6.Tariff-A taxation imposed on goods and services imported into a country 7.Globalization-by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. 8.Outsourcing-Outsourcing is subcontracting a service, such as product design or manufacturing, to a third-party company 9.GDP-gross domestic product: the measure of an economy adopted by the United States in 1991 10.GNP-gross national product: former measure of the United States economy; the total market value of goods and services produced by all citizens
Memo
With a large population and a rapidly expanding economy, China is a potentially huge market for U.S. exporters. However, bilateral economic relations have become strained over a number of issues, including large and growing U.S. trade deficits with China. China’s failure to fully implement its World Trade Organization commitments, as well as denieing to adopt a floating currency system, its use of industrial policies and other practices are unfair and harmful to various U.S. economic sectors Both the United States and China reaffirmed the implementation and progress of existing memoranda of agreements and understanding concerning quality and product safety, with the aim of enhancing cooperation and dialogue on product quality and food safety.
