Trading blocs and the World Trade Organisation (WTO)

Question 1

what are examples of free trade areas

Answer 1

NAFTA between Canada north america and Canada, they have lower import or even no tariffs on imports

Question 2

what are examples of custom unions

Answer 2

European Union Customs Union (EUCU)
this means they have a common external tariff and countries outside have to go through more checks when bringing things into the country

Question 3

what are examples of common markets

Answer 3

The European Union (EU): The EU is a common market that includes 27 member countries in Europe. meaning fops is able to move around the countries easier

Question 4

what are examples of monetary unions

Answer 4

the eurozone

Question 5

examples of the wto liberating trade disagreements

Answer 5

Two of the most depicting examples of the World Trade Organization’s impartial working are “Standards for Reformulated and Conventional Gasoline”, and “Import Prohibition of certain shrimp and shrimp products”, which have proven that the World Trade Organization has been a success.