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4 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What are the Key Principles of the GATT?
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1) Nondiscrimination
2) Elimination of non-tariff trade barriers 3) Encourage Resolution of Trade Disputes |
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What is a Free Trade Area?
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Reduced Trade barriers among members, but each member maintains its own tariffs and other trade barriers with respect to other nations
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Ex: US -CANADA free trade and NAFTA
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What is a Customs Union?
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No Trade Barriers among members, and common external tariffs and NTBs with other nations
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EX: Benelux
Mercosur |
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What is a Common Market?
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Customs Union Plus Harmonization of Nationals tax systems, social insurance, agricultural policies, labor and capital migration, and fixed exchange rates
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EMS
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