4.1.5 trading blocs Flashcards

1
Q

define trading bloc

A

a type of intergovernmental agreement to reduce regional trade barriers

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2
Q

benefits of trading blocs

A

foreign direct investment
economies of scale
competition
greater trade
market efficiency

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3
Q

expansion of trading blocs

A

when new countries join a trading bloc

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4
Q

the trans-pacific partnership

A

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

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5
Q

four freedoms of the eu

A

free trade in goods
mobility of labour
free movement of capital
free trade in services

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6
Q

ASEAN

A

the association of south East Asian nations is a 10-member international body that represents more than 500 million people living in the region

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7
Q

NAFTA

A

agreement covers environmental and labour issues as well as trade and investment

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8
Q

opportunities of being in a trading bloc

A

freedom to trade
enlarged market
protection from international competition outside of the bloc
freedom of movement of people

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9
Q

drawbacks of trading blocs

A

retaliation
protectionist

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