A

accession agreement — an agreement concluded between the Union and states that are not member states, usually, in their terms, ‘with a view to membership

accommodate — to adapt, adjust

acquire — come into possession or ownership; obtain

admission — the process or fact of entering or being allowed to enter an organization

alter — to make different, modify

approve amendment — to confirm formally, accept an alteration of or addition to a bill, constitution

associate members — as a member of an organization having only partial rights and privileges or subordinate status

availability — easily obtainable and ready for use

B

bilateral trade — the exchange of goods between two nations promoting trade and investment

C

cease — to stop or discontinue

cohesiveness — the quality of being structured or organized in a unified way, with close or strong internal connections between people, ideas, or other elements

commodities — an article of trade or commerce, esp. a product that can be bought or sold

common currency — money system for more than one country

common market — a formal agreement where a group is formed amongst several countries that adopt a common external tariff

compete — the economic scenario in which enterprises put effort to be leaders in their industry and increase their market share

complete economic integration — the point of integration at which economic countries involved have no control of economic policy, full monetary union, and complete harmonization of fiscal policy

comprise — to include or contain

conceptual comprehension — understanding the connection of concepts, operations, and relations

counterbalance — have an equal but opposite effect on something in a positive way

customs procedures — the set of managements and operations that are carried out related to a specific customs destination

customs union — groups of countries that apply one common system of procedures, rules and tariffs for all or almost all their imports, exports and transiting goods

D

domestic policy — a type of public policy overseeing administrative decisions that are directly related to all issues and activity within a state’s borders

draft — to compose, make a blueprint, draw up an outline of a document/ bill/ treaty/ agreement

E

economic bloc — a set of countries which engage in international trade together, and are usually related through a free trade agreement or other association

economic union — an agreement between two or more nations to allow goods, services, money and workers to move over borders freely

emerge — become known or apparent

employment — a relationship between two parties regulating the provision of paid labour services

encroach — to trespass upon the property, domain, or rights of another, esp. stealthily or by gradual advances

ensure — to guarantee; to make secure or safe

entity — a unit considered as distinct, independent, or self-contained

equitably share — fair and reasonable in a way that gives equal treatment or ownership to everyone

executive body — the branch of an institution charged with the execution and enforcement of laws, policies and the administration of an institution affairs

F

fiscal policies — the use of government spending and tax policies to influence economic conditions, especially macroeconomic conditions

food safety standards — the regulatory requirements related to food safety, designed to protect consumers from the risk of illness caused by eating unsafe foods

free trade agreement — a pact between two or more nations to reduce barriers to imports and exports among them

free trade area — a region in which a group of countries has signed a free trade agreement and maintain little or no barriers to trade in the form of tariffs or quotas between each other

full-fledged members — of full rank or standing; completely developed or qualified member

full-time members — working or operating for the entire time appropriate to an activity of an organization

G

governance — the act of exercising authority

gross domestic product (GDP) — the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period

H

I

implement — to put into effect according to or by means of a definite plan or procedure

impose — to apply by authority; force the acceptance of

incorporate — to introduce (something) as a basic part

influx — an arrival of a large number of people or things at the same time

infringement — an act of interfering with someone’s rights

intellectual property rights — the legal rights given to the inventor or creator to protect his invention or creation for a certain period of time

interconnect — be interwoven or linked closely together

interdependence — a reciprocal relation between interdependent entities

international policy — foreign policy pursues general objectives that guide the activities and relationships of one state in its interactions with other states

intra-regional — occurring between, or existing between two or more regions

J

K

L

M

market access — the ability of a company or country to sell goods and services across borders

market expansion — a growth strategy which involves offering your existing product/service to a new market

merchandise trade — goods which add or subtract from the stock of material resources of a country by entering (imports) or leaving (exports) its economic territory

N

non state actors — organizations and/or individuals not directed or funded by any government

O

objective — a purpose; aim; goal

oversee — to supervise; manage

P

participation — the act of becoming involved in the activities of a group

part-time privileges — a right or advantage enjoyed on a part-time basis

pass legislation — to bring in a new law by voting in parliament or by decree

per capita income — a measure of the amount of money earned per person in a nation or geographic region

pertain — to have reference or relation to; relate

policy-making — the activity of deciding on new policies, especially by a government or political party

political commitment — the persevering act of politicians which ensures that they are achieving results

potential investors — any person (an individual, company, business or organisation) with whom, within the relevant period, the company or any group company is in negotiations for such person to invest in any target company

preferential trading area (PTA) — a trading bloc that gives preferential access to certain products from certain countries

preferential treatment — any concession or privilege granted to the party

prevention — effectual hindrance, obstacle, or impediment

priority — the state or quality of being earlier in time, occurrence, etc. the right to precede others in order, rank, privilege, etc.; precedence

provision — a clause in a legal instrument, a law, etc., providing for a particular matter

purchasing power — the amount of goods and services that can be purchased with a unit of currency

Q

R

ratify — to confirm by expressing consent, approval, or formal sanction

reduction — the act of making something smaller in size, amount, number

regional economic integration — a process in which two or more countries agree to eliminate economic barriers, with the end goal of enhancing productivity and achieving greater economic interdependence

regulatory practices — processes and tools to help improve the quality and effectiveness of measure, actions and activities

representative body — a body or persons (an association, trade union, works council) chosen to make decisions or craft the policy on behalf of  a larger group

restriction — a limiting condition or measure, especially a legal one

retain — to keep possession of; to continue to use, practice, have, hold in place

rotate — to replace (a person, troops, etc.) by another or others, usually according to a schedule or plan

S

security concerns — anxiety or worry related to all the measures that are taken to protect and safe a place, people, institutions, property or measures taken as a precaution against theft or espionage or sabotage etc.

signatory — the signer, or one of the signers, of a document

social welfare policies — aim to protect citizens who may be considered poor, unemployed, unhealthy, or marginalized from their community

sovereignty — the right to have absolute and unlimited power, either legal or political, within the territory of a state

stance — a mental or emotional position adopted with respect to something

standards harmonization — technical specifications meeting the essential requirements of the EU directives

submit — to present for approval or consideration

subsidiarity — the principle of devolving decisions to the lowest practical level

suspend — to remove from membership in or prevent from attending, usually for a limited time, a job, school, club, etc., esp. as a punishment

sustainable — capable of being supported or upheld; pertaining to a system that maintains its own viability by using techniques that allow for continual reuse; using methods that do not cause long-term harm to the environment

T

term — condition

terminate — to bring to an end, dismiss

U

uphold — to maintain, affirm, or defend against opposition or challenge

V

violation — a breaking of a law

W

withdraw — to separate formally from membership in a state, union, or other political entity

X

Y

Z