NTA UGC NET - Commerce: UNIT 01 - Business Environment and International Business (PART 04)

 

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UNIT 01

Business Environment and International Business

PART 04

 

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MCQ:  

Bretton Wood Conference

• July 1944

• Formally known as the United Nations Monetary and Financial Conference

• Formal gathering of 44 allied nation

• For regulating and bringing back a commonly accepted international monitory system after the end of World War II

• The main outcome of the conference was the formation of International Monitory Fund (IMF) and International Bank For Reconstruction and Development (IBRD) later known as World Bank

• Britton Wood Twins

 

 

IMF

• The International Monetary Fund (IMF) is an organization of 189 countries

• Came into existence – December 1945

• Began operation on March 1 1947

• Headquarters – Washington D C

 

• Working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

• Primary purpose is to ensure the stability of the international monetary system

 

 

World Bank

• International financial institution

• Begins operation in June 1946

• Provide financial and technical assistance to developing countries around the world

• Main Objective – Reduce Poverty and Promote development in developing countries

• World bank is a part of World bank group, which consist of 5 inter-related groups

 

    o     International Bank for Reconstruction and Development (IBRD),
 

    o     The International Development Association (IDA) - 1960,
 

    o     The International Finance Corporation (IFC) - 1956 ,
 

    o     The Multilateral Investment Guarantee Agency (MIGA) – 1988 and
 

    o     The International Centre for Settlement of Investment Disputes (ICSID) – 1966

• Motto - Working for a World Free of Poverty 

 

SAARC

• South Asian Association for Regional Cooperation

• The SAARC was established on 8 December 1985

• Regional intergovernmental organization and geopolitical

union

• Member states are Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka.

• To promote the welfare of the people of South Asia and to improve their quality of life.

• Understanding and appreciation of one another’s problems.

• Promote and strengthen collective self-reliance among the countries of South Asia.

 

 

NAFTA

• The North American Free Trade Agreement (NAFTA)

• January 1, 1994

• Treaty entered into by the United States, Canada, and Mexico.

• Eliminate all tariff and non-tariff barriers of trade and investment between the United States, Canada and Mexico.

 

WTO

• 1 January 1995

• Created by: Uruguay Round negotiations (1986-94)

• Location: Geneva, Switzerland 

 

• It is the largest international economic organization in the world.

• Key objectives:

To set and enforce rules for international trade,
To resolve trade disputes,
To increase the transparency of decision-making processes,
To cooperate with other major international economic institutions involved in global economic management, and
To help developing countries benefit fully from the global trading system.

UNCTAD

• United Nations Conference on Trade and Development

• 1964

• Permanent intergovernmental body headquartered at Geneva in Switzerland.

• Aims to develop opportunities, investments and trade in developing countries.

• Framing policies in various domains such as trade, technology, finance, aid, and transport is the most important priority of UNCTAD 

 

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