Trading Blocs (Leaving Cert Business): Flashcards
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Trading bloc definition
Trading bloc definition
Group of countries removing trade barriers between themselves
Open economy meaning
Open economy meaning
Country that actively engages in international trade
Closed economy meaning
Closed economy meaning
Country that limits or prevents trade with others
Year Ireland joined EEC (now EU)
Year Ireland joined EEC (now EU)
1973
EU single market policy purpose
EU single market policy purpose
Eliminates trade barriers between EU member states
CAP meaning
CAP meaning
Common Agricultural Policy - helps farmers get fair prices
Size of EU market
Size of EU market
Over 400 million people
RCEP definition
RCEP definition
Free trade agreement between ASEAN states + 6 others
CPTPP definition
CPTPP definition
Free trade agreement between 12 countries inc. Canada, Japan
Year WTO was established
Year WTO was established
1995