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ECONOMIC INTEGRATION (Current Members (Common market (Concerns countries…
ECONOMIC INTEGRATION
Current Members
Common market
Concerns countries that have a customs union in addition to the freedom of movement of the factors of production (capital and labor). The Common Economic Space (Russia, Kazakhstan and Belarus) and the European Free Trade Agreement (Iceland, Switzerland, Norway and Liechtenstein) are the most salient examples.
Customs union
Concerns countries that have opted for a free trade agreement as well as adopting common tariffs for external trade. Mercosur is the most salient example.
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Economic union.
Mostly relate to countries that are part of the European Union, but have kept the use of their own currencies.
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