Trade Agreements and Trade Blocs Flashcards
1
Q
What is a trade agreement?
A
Two or more countries agree on terms to help them trade
2
Q
What is a trade bloc?
A
Group of countries with a common agreement that promotes and manages trade. Trade blocs remove trade barriers between members, while keeping common barriers for non-members.
3
Q
Where are various forms of trade grouping that might take place, including:
A
- Free trade areas
- Customers unions
- Common markets
- Economic unions
4
Q
What are some examples of trade blocs and trade agreements around the world?
A
EU NAFTA COMESA ASEAN MERCOSUR CARICOM
