OPEC Organization of Petroleum Exporting Countries Cartel that sets oil prices and supply –Formed...
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OPEC
• Organization of Petroleum Exporting Countries
• Cartel that sets oil prices and supply– Formed to resist European and American
companies– Hold 80% of the world’s oil reserves– Iran, Iraq, Kuwait, Qatar, Saudi Arabia, United
Arab Emirates, Libya, Nigeria, Venezuela, Algeria, Ecuador, Angola
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Founding of OPEC
• OPEC’s formation by five oil-producing countries in Baghdad in September 1960 occurred at a time of transition in the international economic and political landscape; with extensive decolonization.
• Many new independent states in the developing world
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• The mission OPEC is to coordinate and unify the petroleum policies of its Member Countries
• Ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers
• To provide a steady income to producers and a fair return on capital for those investing in the petroleum industry
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European Union• 9 May 1950- Belgium, Germany, France,
Italy, Luxembourg and the Netherlands form the European Coal and Steel free trade area
• 1 January 1993- the single market is established with free movement of goods, services, people, and money.
• 29 October 2004-European Constitution established
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EUROPEAN UNION
• The EU was created in the aftermath of the second world war. The first steps were to foster economic cooperation
• countries that trade with one another are economically interdependent and will thus avoid conflict
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• the union has developed into a huge single market with the euro as its common currency.
• The E.U. has delivered over 50 years of peace, stability, and prosperity, helped raise living standards, and is building a single Europe-wide market in which people, goods, services, and capital move among Member States as freely as within one country.
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The European Union
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• Austria
• Germany
• France
• Belgium
• Netherlands
• Italy
• Luxembourg
• Denmark
• Sweden
•Portugal
•Ireland
•Greece
•Spain
•Czech Republic
•Slovakia
•Poland
•Hungary
•Slovenia
•Cyprus
•Malta
•Romania
•Bulgaria
•United Kingdom
•Latvia
•Lithuania
•Estonia
•Finland
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ASEAN• Formed on 8 August 1967• Includes Indonesia, Malaysia, the
Philippines, Singapore and Thailand Brunei, Burma (Myanmar), Cambodia, Laos, and Vietnam
• The motivations for the birth of ASEAN were so that its members’ governing elite could concentrate on nation building
• formed to prevent Indonesia from becoming a hegemony
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ASEAN’S GOALS
• Accelerate the economic growth, social progress, and cultural development in the region through joint endeavors
• Promote regional peace and stability by respecting justice and rule of law in the relationships between countries
• To work together and assist one another on matters of common interest
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NAFTA• On January 1, 1994, the North American
Free Trade Agreement between the United States, Canada, and Mexico (NAFTA) entered into force.
• Created the world’s largest free trade area
• Mexico and Canada are now the top buyers of American products
• Canada and Mexico are the 2nd and 3rd largest suppliers to the United States
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NAFTA’S GOALS
• Eliminate barriers in trade and make it easier to trade goods and services across borders of member nations
• Promote conditions of fair competition
• Increase investment opportunities in member nations
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