TRADE BLOCS Flashcards
At least 3 arguments
Name the trade blocs’ characteristics
- Special trade relationship between the members
- Trade liberalisation
- Common positions in negociations with other countries
- Coordinate national economic policies
1. It allows trade within the members by dicriminating nom-member
2. Establishing a free trade area/customs union/common market
4. To minimise disruption to intra-bloc economic transaction
What is a Free Trade Area ?
E.g. NAFTA
Grouping of countries where tariffs are abolished btw members BUT no common trade policy towards non-members
Complete the sentence
Customs Union is a … of states that have agreed to charge the same … as each other and allow free … between themselves.
group/import duties/trade
Right or Wrong?
Common Market is a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries.
Right
At least 2 arguments
What is an Economic Union?
- Composed of common market & customs unions
- Common policies on freedom of mvt of goods/services…
- Common external trade policy for the members
2. Also on product regulation
Date, meaning of the letters…
Define EEC
- European Economic Community
- Treaty of Rome in 1957
- Renamed European Community in 1995
Pick up the right answer
NAFTA was made :
1. to ensure free trade
2. to adopt a common currency
North American Free Trade Agreement
1
400% increase in trade btw the members
Composed of Canada, USA & Mexico
Created a market of 460M consumers
Pick up the right answer(s)
GATT is :
1. aiming to reduce tariffs on import duties btw countries
2. General Agreement on Tariffs & Trade
3. replaced by the World Trade Organization
1/2/3
Pick up the right answer
MINT is :
1. Manila, India, Norway, Turkey
2. Madagascar, India, Norway, Turkey
3. Mexico, Indonesia, Nigeria, Turkey
- Mexico, Indonesia, Nigeria, Turkey
