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An international __________ is a set of countries that agree to markedly reduce or eliminate trade barriers among member nations.
a. customs union
b. trade bloc
c. commonwealth
d. economic community
e. free trade area

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Sonia Dhawan
Sonia DhawanLv10
12 Oct 2020

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Related questions

There are some 200 economic integration agreements in effect around the world already, far more than even a few years ago. Virtually every country is now party to one or more free trade agreements. Supporters argue that free trade is good for nations.

  1. What is the basis for their support? That is, what are the specific benefits that countries seek by joining an economic bloc?
  2. What is the main economic bloc for your country?
  3. From your perspective, what advantages has bloc membership brought to your country?
  4. What disadvantages has bloc membership produced?

Since 1995, the World Trade Organization (WTO) has adjudicated trade disputes that arise between or among nations. Now, there are also more than 475 bilateral and regional trade blocs, including the North American Free Trade Agreement and the European Union, which provide special trade preferences to member nations.
Using the ITT Tech Virtual Library, research how the WTO is involved in international trade and then answer the following question:

Do you favor the involvement of the WTO? Why or why not?

Describe the characteristics of each of the following trade blocks. Be certain to explain the ways in which they are the same and the ways in which they differ.

a. Economic union

b. Common market

c. Customs union

d. Free trade area

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