Vocabulary: trade and globalisation

English for Professional Purposes

Author

Affiliation

Ben Stanley

Department of Social Sciences, SWPS University

Instructions: Fill in each gap with the most appropriate term from the table below. Each term can be used only once.

globalisation	liberalisation	tariff	non-tariff barrier
protectionism	outsourcing	trade deficit	customs union
bilateral trade	multilateral trade	trade bloc	foreign direct investment
quota	embargo	dumping	subsidy
joint venture	economies of scale	localisation	repatriation

1. The government imposed a new __________ of 25% on imported steel to protect domestic producers.
2. After years of __________, many developing countries have opened their markets to international competition.
3. The European Union is an example of a __________ where member states do not charge customs duties on goods moving between them.
4. Many technology companies engage in __________ by moving their customer service operations to countries with lower labour costs.
5. Complex safety regulations can act as a __________ that effectively restricts imports without explicitly imposing taxes.
6. The USA currently has a __________ with China, meaning it imports more goods from China than it exports to China.
7. Countries within ASEAN form a significant __________ that negotiates preferential trading terms with other nations.
8. The agreement between the UK and Australia represents an important __________ relationship that benefits both economies.
9. The World Trade Organization facilitates __________ agreements involving numerous countries simultaneously.
10. Japan and South Korea formed a __________ to develop new battery technology, sharing both the costs and the potential profits.
11. Many governments provide a __________ to their agricultural sectors to keep domestic food prices low and support farmers.
12. The United States imposed a complete __________ on Cuban goods, prohibiting any trade between the two countries.
13. In response to unfair competition, the EU accused China of __________ solar panels at prices below production cost.
14. Car manufacturers achieve __________ by producing millions of vehicles, which reduces the cost per unit.
15. The company’s __________ strategy involves adapting their products to meet the specific cultural preferences of each market.
16. The government placed a strict __________ on rice imports to protect domestic farmers, limiting imports to 100,000 tonnes per year.
17. __________ from developed nations into emerging markets has accelerated economic development in recipient countries.
18. The profit __________ rules require multinational companies to transfer earnings from foreign subsidiaries back to the parent company’s country.
19. Critics of __________ argue that it leads to job losses in developed countries and exploitation of workers in developing nations.
20. Rising __________ in various countries threatens to reverse decades of international economic integration.