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International Trade (Trading blocks (Trade creation and trade diversion…
International Trade
Trading blocks
Preferential trading areas: That gives preferential access to certain products from certain countries
Free trade areas: A free trade area is an agreement made between countries, where the countries agree to trade freely among themselves.
Customs unions: A customs union is an agreement made between countries, where countries agree to trade freely among themselves, and they also agree to adopt common external barriers against any country attempting to import into the customs union.
Economic and monetary union: An economic and monetary union is a common market with a common currency and a common central bank.
Complete economic integration: This would be the final stage of economic integration, at which point the individual countries involved would have no control of economic policy, full monetary union, and complete harmonisation of fiscal policy.
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Complete economic integration: this would be the final stage of economic integration, at which point the individual countries involved would have no control of economic policy.
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