Name: MIRALLES JOVI ANN Q.

CYS:BSED IIIB

SCSC 13N
MODULE 3: MARKET INTEGRATION
LESSON 3.1: INTERNATIONAL ECONOMIC & FINANCIAL INSTITUTIONS
LEARNING ACTIVITY 3.1

Using word document (A4 sized), write the important information of the financial
institutions and economic organizations that made countries even closer together namely;
GATT, WTO, IMF, WB, OECD, OPEC, EU, and NAFTA. Important information needs to
cover the questions below. Convert your word file into PDF or image then submit through this
same page. Use the default file name for this output.

What is its function?

When was it established?
Who established that financial institutions and economic organizations?
In what way are they helpful in the globalization process.

Financial institutions and economic organizations existed on our planet many years ago.
They were established to implement laws, regulations, and standards for all of the
organization's member countries and states. The primary goal of these financial institutions and
economic organizations is to foster unity among countries on their continent and around the
world. They were founded to promote and expand the country's economic condition. They
founded this to help other less developed countries improve their economies by opening trade
routes to allow for free flow of goods and services, as well as promoting and investing in
education, health, and other critical necessities that improve a country's economic or overall
state.

GAT General Agreements on Tariffs and Trade (GATT) was founded in 1947 by 23
members of the Bretton Woods system to handle trade barriers between countries.The GATT
served as a forum for representatives from member countries to meet and discuss transnationa
l trade agreements.The GATT was in charge of creating and implementing international trade
laws and procedures. These trade agreements were created through “rounds” of negotiations
between and among members. WOT In order to enhance efficiency and benefit maximization,
the World Trade Organization (WTO) can pressure each member state to reduce or expand
trade restrictions. In developed countries, however, this is not the case. World Trade
Organization (WTO) was established in January 1995. The World Trade Organization's (WTO)
neoliberal purpose is to lower or eliminate barriers so that all states gain. IMF and World
Bank Both the IMF and the World Bank are post-World War II global financial
institutions/banks. Their campaign's primary purpose was to ensure economic stability. Many
countries contributed to the creation of these multinational banks, which are heavily influenced
and financed by affluent and powerful countries. The International Monetary Fund (IMF) was
established to assist in postwar reconstruction. They were created to provide financial
assistance to countries whose economies or currencies had collapsed. It served as a lender of
last resort for countries. In comparison to the IMF, the World Bank has long-term goals.The
North American Free Trade Agreement (NAFTA) is a free trade agreement between the
Americas (NAFTA). The North American Free Commercial Pact (NAFTA) is a trade
agreement that brings the United States and Canada closer together. On January 1, 1994, the
United States of America, Canada, and Mexico were founded. The North American Free
Commerce Agreement (NAFTA) established free trade between the three North American
countries. As a result, many barriers on trade between the three nations have been lifted or
phased out. As a result of the three countries' free trade agreements, outsourcing created jobs.
Some manufacturing processes were shifted to a lower-cost country in order to minimize
production expenses. Lower market pricing came from lower production costs. As trade
restrictions have been eliminated, the three countries' markets have grown. OECD, OPEC,
and EU The Organization for Economic Cooperation and Development (OECD), the
Organization for Petroleum Exporting Countries (OPEC), and the European Union (EU) are
the Organization for Economic Cooperation and Development (OECD) is an international
organization made up of the world's wealthiest and most powerful countries. It had happened
before. The Organization for Industrial Cooperation and Development (OECD) was created in
1961 by 19 founding members, including the world's major economic powers such as the US,
UK. The OECD member states use their economic and resource clout to impose economic
changes with global ramifications. Member countries collaborate to address global issues and
its ramifications. Saudi Arabia, Iraq, Iran, Kuwait, and Venezuela founded the Organization of
Petroleum Exporting Countries (OPEC) in 1960. OPEC was formed to allow member states to
coordinate and harmonize their petroleum policy. The group aims to ensure fair and stable oil
and petroleum pricing as well as a reliable supply of petroleum. The European Union is an
economic and political unit composed of 27 European countries. The EU established a single
market and a single currency, the Euro, in 1958. It has liberalized the world trade and has
become the biggest trade block in the world. Since its creation, it has used its economic power
to exert influence on other countries.
Globalization is dependent on the channels via which products and services can be
delivered. Financial firms seek new sources of funding and new consumers in order to increase
revenues. As a result, it is providing global services in the same way that other firms do, and it
is already supporting the globalization process.