Countertrade, the Glossary
Countertrade means exchanging goods or services which are paid for, in whole or in part, with other goods or services, rather than with money.[1]
Table of Contents
15 relations: Barter, Bilateral trade, Coincidence of wants, Federal government of the United States, General Agreement on Tariffs and Trade, Government of India, Gulf War, Hard currency, Iraq, Occidental Petroleum, Oil-for-Food Programme, Paul Samuelson, Sulfuric acid, United Nations, United Nations Security Council.
Barter
In trade, barter (derived from baretor) is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.
Bilateral trade
Bilateral trade or clearing trade is trade exclusively between two states, particularly, barter trade based on bilateral deals between governments, and without using hard currency for payment.
See Countertrade and Bilateral trade
Coincidence of wants
The coincidence of wants (often known as double coincidence of wants) is an economic phenomenon where two parties each hold an item that the other wants, so they exchange these items directly.
See Countertrade and Coincidence of wants
Federal government of the United States
The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, five major self-governing territories, several island possessions, and the federal district/national capital of Washington, D.C., where most of the federal government is based.
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General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
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Government of India
The Government of India (IAST: Bhārat Sarkār, legally the Union Government or Union of India and colloquially known as the Central Government) is the central executive authority of the Republic of India, a federal republic located in South Asia, consisting of 28 states and eight union territories.
See Countertrade and Government of India
Gulf War
The Gulf War was an armed conflict between Iraq and a 42-country coalition led by the United States.
Hard currency
In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value.
See Countertrade and Hard currency
Iraq
Iraq, officially the Republic of Iraq, is a country in West Asia and a core country in the geopolitical region known as the Middle East.
Occidental Petroleum
Occidental Petroleum Corporation (often abbreviated Oxy in reference to its ticker symbol and logo) is an American company engaged in hydrocarbon exploration in the United States and the Middle East as well as petrochemical manufacturing in the United States, Canada, and Chile.
See Countertrade and Occidental Petroleum
Oil-for-Food Programme
The Oil-for-Food Programme (OIP) was established by the United Nations in 1995 (under UN Security Council Resolution 986) to allow Iraq to sell oil on the world market in exchange for food, medicine, and other humanitarian needs for ordinary Iraqi citizens without allowing Iraq to boost its military capabilities.
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Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences.
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Sulfuric acid
Sulfuric acid (American spelling and the preferred IUPAC name) or sulphuric acid (Commonwealth spelling), known in antiquity as oil of vitriol, is a mineral acid composed of the elements sulfur, oxygen, and hydrogen, with the molecular formula.
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United Nations
The United Nations (UN) is a diplomatic and political international organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and serve as a centre for harmonizing the actions of nations.
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United Nations Security Council
The United Nations Security Council (UNSC) is one of the six principal organs of the United Nations (UN) and is charged with ensuring international peace and security, recommending the admission of new UN members to the General Assembly, and approving any changes to the UN Charter.
See Countertrade and United Nations Security Council
References
[1] https://en.wikipedia.org/wiki/Countertrade
Also known as Compensation trade, Counter trade, Counter-purchase, Counter-trade.