5th Economic Institutions

5th Economic Institutions

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Why Economic Institutions?

​Economic Institutions exist because:

• When countries work together they have a better chance of developing at a faster pace by sharing their expertise and resources.

• They will agree on tariffs imposed on the "outside" trading partners.

• They can negotiate better prices and terms of sale by combining resources​

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​Stages of economic integration

1. Preferential trading area - Free Trade area.

2. Free Trade Area - formed when a group of countries area to eliminate barriers.

3. Customs union - free trade are with a common external tariff for non-members.

4. Common market - all members agreeing to adhere to same product regulations.

5. Economic & monetary union - single market with common currency.

6. Complete economic integration - merging of policymaking.​

Subject | Subject

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