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

availability — easily obtainable and ready for use

B

C

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

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

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

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

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

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

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

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

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

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 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

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

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

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.

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

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

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