Trade Blocs and treaties
7 important questions on Trade Blocs and treaties
- What is a trade bloc?
- A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.
- Define a Preferntial Trade Area (PTA):
- A preferential trade area (also preferential trade agreement, PTA) is a trading bloc that gives preferential access to certain products from the participating countries.
This is done by reducing tariffs but not by abolishing them completely.
- Define a Free Trade Agreement (FTA):
- A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them.
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The gains from trade can be clad into static and dynamic gains from trades.
- Define static gains:
- Static Gains means the increase in social welfare as a result of maximized national output due to optimum utilization of country's factor endowments or resources.
The gains from trade can be clad into static and dynamic gains from trades.
- Define dynamic gains:
- Dynamic gains from trade, are those benefits which accelerate the economic growth of the participating countries.
- What is a fixed exchange rate?
- A fixed, or pegged, the rate is a rate the government (central bank) sets and maintains as the official exchange rate.
- What is a floating exchange rate?
- A floating rate is often termed "self-correcting," as any differences in supply and demand will automatically be corrected in the market.
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