4.3.0 MGOs and FTZs

These are where members abolish tariffs and quotas on trade between themselves but restrict imports from non-member countries. An example is NAFTA

• Economic Unions

• Common markets

• Free trade areas

• Customs unions

These are closed form of economic integration. As well as having free trade between members, all members operate a common external tariff on imports from abroad. Mercosur is a good example

• Economic unions

• Customs unions

• Free trade areas

• Common markets

These are customs markets, which as well as the free trade in goods and services, allow for the free movement of people and capital.

• Common markets

• Free trade areas

• Customs markets

• Economic unions

These are groups of nations, that not only allow free trade and free movement of people and capital but also require members to have common policies on finance, agriculture, industry, and regional development

• Common markets

• Free trade areas

• Customs markets

• Economic unions

This is an arrangement between a group of countries to allow free trade between member countries but impose tariffs on countries outside the group

• Free trade area

• Trade block

• Economic Union

• Customs union

A tax on imports to protect domestic industries against foreign competition

• Import levy

• Quota

• Subsidy

• Tariff

Trade without protection from tariffs, government subsidies and quotas

• Fair trade

• Trade liberalization

• Free trade

• Imports and exports

These are a specific class of special economic zones. They are geographic areas where goods may be landed, stored, handled, manufactured, reconfigured, and re-exported under specific customs regulations and generally not subject to customs duty

• Free trade areas

• Free trade zones

• Free trade paradigms

• Trade blocks

What type of economic zones are geographic areas where goods may be landed, stored, handled, manufactured, reconfigured, and re-exported under specific customs regulations and generally not subject to customs duty?

• Free trade areas

• Free trade zones

• Free trade paradigms

• Trade blocks

Which of these is NOT a trade bloc?

• USMAC

• OPEC

• MENA

• EU