Expansion of Trading Blocs (Edexcel A-Level Business): Flashcards
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Trading bloc definition
Trading bloc definition
Group of countries reducing trade barriers via RTA
PTA (Preferential Trading Area) feature
PTA (Preferential Trading Area) feature
Reduced tariffs on certain specified products
FTA (Free Trade Area) key feature
FTA (Free Trade Area) key feature
Eliminates all trade barriers between members
Rules of origin purpose
Rules of origin purpose
Prove a product was made within the trading bloc
Customs union adds what to FTA?
Customs union adds what to FTA?
Common external tariff
What moves freely in a common market? (4 things)
What moves freely in a common market? (4 things)
Goods, services, labour, capital
Single market key feature beyond common market
Single market key feature beyond common market
Harmonised laws, standards, regulations, taxes
EU type of trading bloc
EU type of trading bloc
Economic and monetary union
ASEAN current status and population
ASEAN current status and population
Free trade area covering 500 million people
When was NAFTA established?
When was NAFTA established?
1994