Global EcoNoMic Issues
Kevin Qian
OPEC
- Organization of Petroleum Exporting Centers
- Alliance between Qatar, Libya, Indonesia, Abu Dhabi, Algeria, Nigeria, Ecuador, Gabon
- Want to raise the price of oil
- Also embargoed Israel and US during mid-1970s
- Eventually caused decline of global economy
- Nevertheless demonstrated an alliance could be effective
- Less control after oil surplus, disagreement among members
- Similar to a trade guild in some respects
NAFTA
- North American Free Trade Agreement
- Alliance with Canada and Mexico
- Created in 1993
- Plans for expansion in Americas
GATT
- General Agreement on Tarrifs and Trade
- Wanted by industrialized ecnomies
- Reduced or removed restrictions on free trade
- Signatories created World Trade Organization in 1995, which took over activities
- Caused an increase in free trade
ASEAN
- Association of Southeast Asian Nations
- Thailand, Malaysia, Singapore, Indonesia, Philippines
- Help economy and political stability
- Formed to protect against Communism as well
- Cooperates with Japan, Europe
European Union
- Trade Alliance between European states
- Formed in 1993
- Allowed European nations to free themselves from US influence
Flag of the European Union
Countries in OPEC