4.1 quick learn Flashcards
What is NAFTAs trading bloc?
A free trade zone including trade, investment, labour, financial dealings and environmental legislations. They negotiate separate deals with outside members
What is EUs trading trading bloc?
A single market with free movement of people, goods and services. The EU also adopts common laws around employment and customer legislations.
What is ASEANs trading bloc?
A free trade agreement between politically, economically and culturally diverse countries
What is customs unions?
Free trade between members and a agreed set of tariffs against non-members
What is common markets?
Free trade and free movement of labour and capital
What is preferential trade areas?
Certain products from certain countries receive reduced tariff rates
What is free trade areas?
All trade barriers are removed between countries
What are single markets?
Free trade and common laws are adopted to harmonise standards and tax
What are economic unions?
This includes all the benefits from preferential trade areas, free trade areas, single markets, common markets and customs unions. This also includes the counties using a common currency.
What is trade liberalisation?
The removal or reduction of restrictions on the free exchange of good and services between nations
