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Discuss some of the disadvantages of file processing systems.
Negotiated Tariff Rates
Tariff rates determined through bargaining between countries, rather than set unilaterally, often resulting in lower duties.
Free-Trade Zone
A designated area where goods can be imported, stored, handled, manufactured, or reconfigured without being subject to import duties.
GATT
The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement aimed at reducing global trade barriers and promoting international trade through the reduction of tariffs and other trade restrictions.
European Union
A political and economic union of 27 European countries that participate in a single market allowing free movement of goods, services, and people.
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