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4 Cards in this Set

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