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ECONOMIC UPDATE - Coggle Diagram

- - - - group of customs territories grant each other a series of customs advantages, not extensible to third parties, due to the internationally accepted suspension of the most-favored-nation clause
      - FREE TRADE ZONES
        
        It is an area made up of two or more countries that immediately or gradually suppress customs and trade obstacles among themselves, but each one maintains its own customs tariff and its own trade regime against third parties
        
        CUSTOMS UNIONS
        
        They are the maximum expression of integration of two or more previously separated national economies. A customs union, supposes in the first place, the immediate or gradual suppression of the tariff and commercial barriers to the circulation of merchandise between the states that make up the union (tariff and trade disarmearance). But the customs union also means the construction of a common customs tariff against third countries
        
        COMMON MARKET
        
        Abolishes tariff and quantitative restrictions on reciprocal trade
        
        THE TOTAL INTEGRATION
        
        It goes beyond markets and concerns the entire economy