Regional integration Flashcards
1
Q
define regional integration
A
The process by which two or more national states agree to cooperate and work closer together to achieve peace, stability and wealth.
2
Q
define bilateral agreement
A
an agreement between two parties
3
Q
define multilateral agreement
A
an agreement between a number of parties
4
Q
define common market
A
The first stage towards a single market.
5
Q
define single market
A
A trade bloc with a free trade area and free movement of good, services labour and capital.
6
Q
define single economy
A
an arrangement which further harmonizes economic, monetary and fiscal policies and measures across all member states
7
Q
define tariff
A
a tax on the value of goods or services imported or exported by a country
8
Q
A
