The Common Market for Eastern and Southern Africa (COMESA) is a regional trade organization consisting of 20 African states in the eastern and southern regions of Africa and a small number of countries in central and northern Africa.
The Central American Common Market (CACM) was established by the General Treaty of Central American Economic Integration signed on December 13, 1960, by Guatemala, Honduras, El Salvador, and Nicaragua.
The Asia Pacific Economic Cooperation (APEC) process was the first structured forum for intergovernmental cooperation among the economies of East Asia and their main trading partners in North America, Australasia, and Russia.
The spectacular growth in the intensity, scope, and visibility of globalization since 1990 has been accompanied by a parallel growth in anti-globalization a broad term used to characterize a public debate over the shaping, slowing, or rejecting of globalization.
The trade and development relationship between the European Union (EU) and the African, Caribbean, and Pacific (ACP) countries has been shaped by a number of formal treaties and agreements since the end of World War II.
Around 1980, our understanding of international trade the exchange of merchandise and services among the countries of the world began to change. In response to emerging patterns of trade within (rather than between) manufacturing and service sectors, new theories emerged based on imperfect competition and economies of scale, supplementing the old stories of comparative advantage based on factor or resource endowments in which, for example, a country with a relatively large amount of labor would export labor-intensive goods. At the same time, trade policy agendas rapidly expanded into new areas such as trade in services, intellectual property, a new generation of preferential trade agreements, and the settlement of disputes. Trade economists and trade lawyers became acquainted. Unforeseen issues emerged out of or alongside of trade negotiations such as trade and the environment, trade and labor, and trade and public health. Trade-related entries in this Encyclopedia reflect this new reality. Standard models of international trade (the Ricardian model, the Heckscher-Ohlin model, and the specific-factorsmodel) are given their due by world-renowned trade theorists. New Trade Theory (i.e., based on oligopoly and monopolistic competition) also receives attention, as do its applications in areas such as theNewEconomicGeography. We supplement these core models with entries on a large set of basic concepts, from absolute and comparative advantage to terms of trade and fragmentation. A host of trade policy instruments are covered, from basic tariffs to nontariff measures, including quotas, tariff rate quotas, and technical barriers to trade. A large number of institutions and agreements are covered, fromthe obvious (e.g., theWorld Trade Organization) to the less well known (e.g., the Convention on Biological Diversity and the Convention on International Trade in Endangered Species). We also give attention to commonly used tools of analysis, such as revealed comparative advantage, effective protection, and gravity models. Finally, we cover a range of special issues such as access to medicines, gender, and the illegal drugs trade.