International Trade: Trade Blocs

Question 1

what does EU stand for?

Answer 1

european union

Question 2

what is the EU’s aim?

Answer 2

promote peace, its values and the well-being of its citizens. offer freedom, security and justice without internal borders.

Question 3

what economic sector does the UK have to share with other countries in the EU?

Answer 3

it’s traditional fishing grounds

Question 4

what does NAFTA stand for?

Answer 4

North American FREE Trade Agreement

Question 5

what countries are included in NAFTA?

Answer 5

Canada
Mexico
USA

Question 6

what are the main aims of NAFTA?

Answer 6

to reduce trading costs, increase business investment, and help North America be more competitive in the global marketplace

Question 7

by how much has trade between NAFTA’s partners increased between 1993 and 2007?

Answer 7

it has tripled

Question 8

what is a common market?

Answer 8

a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries