4.1.5 trading blocs Flashcards
define trading bloc
a type of intergovernmental agreement to reduce regional trade barriers
benefits of trading blocs
foreign direct investment
economies of scale
competition
greater trade
market efficiency
expansion of trading blocs
when new countries join a trading bloc
the trans-pacific partnership
the latest and one of the most controversial trading blocs.
aims to deepen economic ties between nations, slashing tariffs and fostering trade to boost growth.
us, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile, Peru
four freedoms of the eu
free trade in goods
mobility of labour
free movement of capital
free trade in services
ASEAN
the association of south East Asian nations is a 10-member international body that represents more than 500 million people living in the region
NAFTA
agreement covers environmental and labour issues as well as trade and investment
opportunities of being in a trading bloc
freedom to trade
enlarged market
protection from international competition outside of the bloc
freedom of movement of people
drawbacks of trading blocs
retaliation
protectionist