Globalisation and International Trade - Trading Blocs - Types of preferential trade agreements
3 important questions on Globalisation and International Trade - Trading Blocs - Types of preferential trade agreements
A trading agreement whereby trade between the signatories is freer than trade with the rest of the world is called:
Preferential trading agreement
Countries remove tariffs and quotas between themselves, but retain whatever restrictions each member chooses with non-member countries:
Free trade area
Like a free trade area, but in addition members must adopt common external tariffs and quotas with non-member countries:
Customs Unions
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