BUSI 604 Chapter Notes - Chapter 6: North American Free Trade Agreement, Central American Integration System, Communications Of The Acm
18 Aug 2016
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Chapter six: regional economic integration and trade agreements. Process whereby countries remove barriers to trade between themselves, but each country determines its own barriers against nonmembers: opponents, argue that such agreements advance and establish procedures that protect participating nations from the benefits of free trade. Involve financial methods of protecting national industries from competition by foreign corporations. Non-tariff barriers: laws and regulations affecting trade. Include barriers that governments use to ensure accountability and quality. Stages of regional economic integration by intensity (5: free trade area. Allow preferential access to certain products from certain nations via the reduction of tariffs: custom union. All barriers of trade among members are removed and a common external trade policy is adopted. Establish closer political and cultural ties between signatory: common market nations. Includes all of the elements of a customs union. Includes freedom of movement of the four factors of production.
