Trade Blocs Flashcards
1
Q
What is a preferential trade area
A
Lower but not eliminate , barriers among members
2
Q
What is a Free trade area
A
Eliminate internal barriers, but maintain independent external barriers
3
Q
Customs union
A
Eliminate internal barriers, agree on a adopted common external barriers
4
Q
What is a common market
A
Eliminate internal barriers, adopt common external barriers , allow free movement of resources ( e.g labour)
East African common market
5
Q
A economic union
A
Eliminate internal barriers, adopt common external barriers, free movement of resources and people + uniform setv of economic policies
e.g EU
6
Q
Full intergration
A
US
