Trading Blocs - Types of preferential trade agreements - Common Markets
3 important questions on Trading Blocs - Types of preferential trade agreements - Common Markets
Countries operate as single market:
Common market
A full commo n market includes the following features:
- Common system of taxation
- Common system of laws and regulations governing production, employment and trade
- Free movement of labour, capital, and materials, and of goods and services
- The absence of special treatment by member governments of their own domestic industries
- Common system of laws and regulations governing production, employment and trade
- Free movement of labour, capital, and materials, and of goods and services
- The absence of special treatment by member governments of their own domestic industries
A common market is sometimes extended to include two features of economic and monetary union:
- A fixed exchange rate between the member countries
- Common macroeconomic policies
- Common macroeconomic policies
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