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Nicaragua's economy is focused primarily on the agricultural sector. It is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the global recession of 2009, when the country's economy actually contracted by 1.5%, due to decreased export demand in the US and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.
The peanut, also known as the groundnut, goober, or monkey nut (UK), and taxonomically classified as Arachis hypogaea, is a legume crop grown mainly for its edible seeds. It is widely grown in the tropics and subtropics, being important to both small and large commercial producers. It is classified as both a grain legume and, due to its high oil content, an oil crop. World annual production of shelled peanuts was 44 million tonnes in 2016, led by China with 38% of the world total. Atypically among legume crop plants, peanut pods develop underground (geocarpy) rather than aboveground. With this characteristic in mind, the botanist Linnaeus named the species hypogaea, which means "under the earth."
Free trade is a trade policy that does not restrict imports or exports; it can also be understood as the free market idea applied to international trade. In government, free trade is predominantly advocated by political parties that hold liberal economic positions while economically left-wing and nationalist political parties generally support protectionism, the opposite of free trade.
Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products. Governments usually implement agricultural policies with the goal of achieving a specific outcome in the domestic agricultural product markets. In relation to the forgoing, Akarowhe (2017) propounded that agricultural policies are pathways of improving the activities involve in cropping, livestock, forestry, processing and marketing of agricultural product. Agricultural policies are predetermined goals, objectives and pathway set by an individual or government for the purpose of achieving a specified outcome, for the benefit of the individual(s), society and the nations’ economy at large. Agricultural policies take into consideration the primary, secondary and tertiary processes in agricultural production. Outcomes can involve, for example, a guaranteed supply level, price stability, product quality, product selection, land use or employment.
An agricultural subsidy is a government incentive paid to agribusinesses, agricultural organizations and farms to supplement their income, manage the supply of agricultural commodities, and influence the cost and supply of such commodities. Examples of such commodities include: wheat, feed grains, cotton, milk, rice, peanuts, sugar, tobacco, oilseeds such as soybeans and meat products such as beef, pork, and lamb and mutton.
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."
Non-tariff barriers to trade (NTBs) or sometimes called "Non-Tariff Measures (NTMs)" are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs.
Portuguese Guinea, called the Overseas Province of Guinea from 1951, was a West African colony of Portugal from the late 15th century until 10 September 1974, when it gained independence as Guinea-Bissau.
The Australia – United States Free Trade Agreement (AUSFTA) is a preferential trade agreement between Australia and the United States modelled on the North American Free Trade Agreement (NAFTA). The AUSFTA was signed on 18 May 2004 and came into effect on 1 January 2005.
The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices". The CCC is authorized to buy, sell, lend, make payments, and engage in other activities for the purpose of increasing production, stabilizing prices, assuring adequate supplies, and facilitating the efficient marketing of agricultural commodities.
The Agreement on Agriculture (AoA) is an international treaty of the World Trade Organization. It was negotiated during the Uruguay Round of the General Agreement on Tariffs and Trade, and entered into force with the establishment of the WTO on January 1, 1995.
Soviet foreign trade played only a minor role in the Soviet economy. In 1985, for example, exports and imports each accounted for only 4 percent of the Soviet gross national product. The Soviet Union maintained this low level because it could draw upon a large energy and raw material base, and because it historically had pursued a policy of self-sufficiency. Other foreign economic activity included economic aid programs, which primarily benefited the less developed Council for Mutual Economic Assistance (COMECON) countries of Cuba, Mongolia, and Vietnam, and substantial borrowing from the West to supplement hard-currency export earnings.
Senegal's economy is mostly driven by agriculture, fisheries, mining, construction and tourism. Most of Senegal lies within the drought-prone Sahel region, with irregular rainfall and generally poor soils. With only about 5 percent of the land irrigated, Senegal continues to rely on rain-fed agriculture, which occupies about 75 percent of the workforce. Despite a relatively wide variety of agricultural production, the majority of farmers produce for subsistence needs. Production is subject to drought and threats of pests such as locusts, birds, fruit flies, and white flies. Millet, rice, corn, and sorghum are the primary food crops grown in Senegal.
Agriculture in Colombia refers to all agricultural activities, essential to food, feed, and fiber production, including all techniques for raising and processing livestock within the Republic of Colombia. Plant cultivation and livestock production have continuously abandoned subsistence agricultural practices in favour of technological farming resulting in cash crops which contribute to the economy of Colombia. The Colombian agricultural production has significant gaps in domestic and/or international human and animal sustenance needs.
The Renewable Fuel Standard (RFS) is an American federal program that requires transportation fuel sold in the United States to contain a minimum volume of renewable fuels. It originated with the Energy Policy Act of 2005 and was expanded and extended by the Energy Independence and Security Act of 2007. Research published by the U.S. GAO in November, 2016 found the program unlikely to meet its goal of reducing greenhouse gas emissions due to limited current and expected future production of advanced biofuels.
Throughout its history, agriculture in Paraguay has been the mainstay of the economy. This trend has continued today and in the late 1980s the agricultural sector generally accounted for 48 percent of the nation's employment, 23 percent of GDP, and 98 percent of export earnings. The sector comprised a strong food and cash crop base, a large livestock subsector including cattle ranching and beef production, and a vibrant timber industry.
Poundage quotas were authorized by the Agricultural Adjustment Act of 1938, so the peanut poundage quota was the supply control mechanism for the peanut price support program until its revision in the 2002 farm bill.
The United States Food and Agriculture Act of 1977 was an omnibus farm bill. The S. 275 legislation was passed by the 95th U.S. Congressional session and signed into law by the 39th President of the United States Jimmy Carter on September 29, 1977.
The first sanctions against Iran were those imposed by the United States in November 1979 after a group of radical students seized the American Embassy in Tehran and took hostage the people inside. The sanctions by Executive Order 12170 included freezing about $12 billion in Iranian assets, including bank deposits, gold and other properties, and a trade embargo. These sanctions were lifted as part of the Algiers Accords which was a negotiated settlement of the hostages’ release.
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