Define & brief desibe dif level of regional economic integration. Disss da economic & political argments for & against integration. Wat r da implications of Brexit on businesses in GlasCity

Question 1

Definition of regional economic integration

Answer 1

Agreements between countries to reduce tariff or non-barrier tariffs. This would allow free movement of goods and services

Question 2

What are the levels of regional economic integration

Answer 2

FCCEP

1. Free Trade Area
2. Customs Union
3. Common Marker
4. Economic Union
5. Political Union

Question 3

Briefly describe “Free Trade Area”

Answer 3

Free Trade Area

Eg NAFTA (North American Free Trade Area) - USA, Canada + Mexico

Free Trade Area is a trade agreement between parties which allows them to trade freely with each other.

It also allows countries who are part of this agreement to trade amongst other countries in whatever way they do so without barriers

Question 4

Describe the customs union

Answer 4

Customs Union

Eg the European Union (EU) has a customs union

Is a trade agreement between parties which allows them to trade freely with each other.

However, if a country in one of the members of the EU want to trade, with another country, all members must have a joint agreement

Agree on common external barriers

Question 5

Describe the Common market

Answer 5

Eg European Union is a common market

Same product regulations
Free movement of:
Goods
Services
Labor

Eg Football

Question 6

Describe Economic Union

Answer 6

Is a common market with a
shared currency
a harmonized tax rate
monetary and fiscal policies

Eg EUROZONE (INCLUDES MEMBERS OF THE European Union who have adopted the Euro currency)

Question 7

Describe Political Union

Answer 7

Nations or states who share the same joint government

Eg USA

Question 8

implications of Brexit on businesses in Glas City”

Answer 8

Background on Brexit (2016) ppl voted leave

134,000 jobs in Scotland were from export demand

Important for Glascity:
2/3 of jobs were in the export industry

However, businesses also affected are:
Higher education
Public Health Care
Supply chains