customs bill of lading, 761 National Treatment (N dumping, 751 CETA. 755 free-trade area, 755 tariff, 752 common market, 755 monetary union, 755 World Customs Organization, 749 CUSMA, 754 Most Favoured Nation (MFN), 753 World Trade Organization (WTO), 753 customs broker, 752 Review Questions 1. How are arbitration awards enforced? 9. Explain the difference between the Customs Act and 2. Explain the different ways in which a Canadian firm the Customs Tariff Act. may establish an international trading relationship. 10. What are the advantages and disadvantages of a 3. How does the Special Import Measures Act affect foreign trading relationship in the form of a joint foreign sellers? venture? 4. Why was it necessary for Canada to pass an Export 11. What is the role of a customs broker in a transaction and Import Permits Act? whereby goods are imported by a Canadian firm? 5. Identify the usual documents required for an 12. Explain why commercial arbitration is used as international contract of sale. What is the purpose of a means of dispute resolution in international each of these documents? agreements. 6. Outline the general thrust and purpose of the World Trade Organization. 13. Why do most international trade contracts provide that arbitration will take place in a country other 7. Distinguish a bilateral trade agreement from a multinational trade agreement. than the country of either of the contracting parties? 14. What is the effect of Canadian laws on the 8. What assistance does the Canadian government importation of goods into Canada? provide to Canadian firms that may wish to enter the international market