4.1.5- Trading Blocs Flashcards
1
Q
Trading bloc
A
Intergovernmental agreement to reduce regional trade barriers
2
Q
Types of trading bloc
A
- free trade areas
- customs unions
- common markets
- full economic and monetary union
3
Q
General EU facts
A
- 500 million people
- free circulation of goods, money and people
- no barriers or tariffs
- single market amongst members
- another 20ish countries in the eurozone
4
Q
Asean
A
- south East Asian nations
- over 500 million people
- has free trade agreement with other member states, as well as china
- eased travel in the region of citizens
5
Q
NAFTA
A
- North American free trade agreement
- includes Canada, Mexico and USA
- environmental and labour issues as well as trade and investment
- some US unions and environmental groups argue that they’re too weak
6
Q
Opportunities of being in a bloc
A
- freedom to trade
- enlarged market
- freedom of movement for people
- protection from international competition outside the bloc
7
Q
Drawbacks of being in a trade bloc
A
- retaliation- other blocs maybe created as a result
- protectionism- having a trade bloc may not help trade liberalisation
