Gonzales, Sophia C.

3BSA6A

Globalization

- As defined by the World Health Organization , is the increased interconnectedness

and interdependence of peoples and countries, is generally understood to include two inter-
related elements: the opening of international borders to increasingly fast flows of goods, services,
finance, people and ideas; and the changes in institutions and policies at national and
international levels that facilitate or promote such flows. Globalization has the potential for both
positive and negative effects on development and health.

World Trade Organization

- The World Trade Organization (WTO) is the only global international organization
dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated
and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is
to ensure that trade flows as smoothly, predictably and freely as possible. The WTO has many
roles: it operates a global system of trade rules, it acts as a forum for negotiating trade
agreements, it settles trade disputes between its members and it supports the needs of
developing countries. All major decisions are made by the WTO's member governments: either
by ministers (who usually meet at least every two years) or by their ambassadors or delegates
(who meet regularly in Geneva).

G10 or the Group of Ten

- The Group of Ten is made up of eleven industrial countries (Belgium, Canada, France,
Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the
United States) which consult and co-operate on economic, monetary and financial matters. The
Ministers of Finance and central bank Governors of the Group of Ten meet as needed in
connection with the meetings of the International Monetary Fund and the World Bank. The G10
was strengthened in 1964 by the association of Switzerland, then a nonmember of the IMF,
expanding its membership to 11, but the name of the G10 remained the same. Following its
inception, the G10 broadened its engagement with the Fund, including issuing reports that
culminated in the creation of the Special Drawing Right (SDR) in 1969. The G10 was also the
forum for discussions that led to the December 1971 Smithsonian Agreement following the
collapse of the Bretton Woods system. The following international organizations are official
observers of the activities of the G10: the Bank for International Settlements (BIS), the European
Commission, the IMF, and the OECD.

European Union

- The European Union (EU) is a group of 27 countries that operates as a cohesive

economic and political block. Nineteen of the countries use the euro as their official currency. The
EU grew out of a desire to form a single European political entity to end the centuries of warfare
among European countries that culminated with World War II and decimated much of the
continent. The European Single Market was established by 12 countries in 1993 to ensure the
so-called four freedoms: the movement of goods, services, people, and money.

ASEAN or Association of Southeast Asian Nations

- It is an intergovernmental organization of ten Southeast Asian countries: Brunei,

Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and
Vietnam. The bloc’s biggest success has been promoting economic integration among members.
It also helped negotiate the RCEP agreement to create one of the world’s largest free trade blocs.
ASEAN has struggled to form a cohesive response to China’s claims in the South China Sea,
which conflict with those of several members.