4 Flashcards
0
Q
FTA
A
No tariffs/quotas between member countries
1
Q
5 cooperative arrangements
A
FTA Customs union Common market Economic union Political union
2
Q
Customs union
A
Includes FTA
Add common external trade policy such as common external tariff rates on product from non members
3
Q
Common market
A
Customs union
Add- free movement of labor and capital
Coordinate fiscal and monetary policies
4
Q
Economic union
A
Common market
Add- greater integration of fiscal and monetary policies (euro)
5
Q
Political union
A
Complete integration of domestic, intl, social, and economic policy
6
Q
Barriers
A
Border paperwork
Harmonized systems
Taxation
Social/economic policy
