4.1.5 Flashcards
1
Q
Definition of a Trading Bloc
A
A group of countries that form an agreement to reduce protectionist measures
2
Q
What is the EU
A
-European Union (28 countries)
-Free movement of goods and people
-No trade restrictions between countries
-Countries outside face an external barrier
3
Q
What is the ASEAN
A
-Association of Southeast Asian Nations (10 countries)
-Free trade area but doesn’t allow free movement of people
4
Q
What is USMCA
A
-US, Mexico and Canada
-Promotion of free trade between countries
5
Q
4 Benefits of Trade Blocs
A
-Wider markets
-External tariff walls
-Infrastructure support
-Free movement of labour
6
Q
4 Drawbacks of Trade Blocs
A
-Increased Competition
-Common rules and regulations
-Retaliation
-Inefficiency
