A

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

availability — easily obtainable and ready for use

B

C

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

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

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

F

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

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

free trade area — a free trade area is 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

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

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

interconnect — be interwoven or linked closely together

interdependence — a reciprocal relation between interdependent entities

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

N

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

O

P

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

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

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

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

preferential treatment — any concession or privilege granted to the party

Q

R

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

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

S

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

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

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

T

U

V

W

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

X

Y

Z