Trading Blocs - Flashcards

Question	Answer
Regional Trade Agreement	Refer to a group of countries which agree to reduce or eliminate tariffs and quotas
Preferential Trading Area	Allow certain types of products from countries to have a reduced tariff rate
Free trade area	exists where member remove all trade barriers such as tariffs and quotas but keep barriers against non members.
Custom Union	Common set of barriers against non members
Common Markets	Goods, Labour and capital can move more freely across members states. Workers can relocate from one country to another without restriction. Work together on economic and political policies
Single Markets	Builds on from a common market, all trade barriers have been removed and common laws and policies.
Economic Unions	A type of trade bloc involving both a custom union and a common market

Resource summary

	Created by 007856-Gemma Erskine about 7 years ago