WTO and trade blocs
- Created by: Fi Alade
- Created on: 02-04-14 17:24
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- WTO
- role
- liberalise trade
- lower trade barriers
- provide governments with a forum for negotiating agreements
- settlement of disputes between member countries
- provision of a system of trade rules
- countries cannot discriminate between trade partners
- imported goods must be treated equally to domestic goods
- liberalise trade
- formerly GATT
- Trade blocs
- intergovernmental associations that manage and promote trade activities in specific regions of the world
- free trade areas
- trade barriers removed between member countries
- member countries can impose tariffs and quotas on countries outside the area e.g. NAFTA
- trade barriers removed between member countries
- customs unions
- free trade between member states and a common external tarrif e.g. EU
- common markets
- customs unions but free movement of FOPs
- monetary unions
- customs unions that adopt a common currency e.g. Eurozone
- trade creation
- removal of trade barriers increaes trade
- trade diversion
- member countries only buy from each other due to lack of tariffs
- role
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