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10 cards from this deck
Give more favourable access to specific nations than others
Formal preferential arrangement excluding non-member countries
Grew from 27 (1990) to 585 (2023)
Imports switch from most to less efficient producer via agreement
RCEP (Regional Comprehensive Economic Partnership)
27 members, 450 million people
Non-discriminatory: same basis for members and non-members
One-third of total EU budget
55 countries - largest of any regional trading agreement
US imported 537 from China, China imported 154 from US
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