INTB 1203 Chapter Notes - Chapter 9: Common External Tariff, Trade Creation, Trade Diversion
1 Sep 2016
School
Department
Course
Professor
Document Summary
Regional economic integration - agreements among nations in a geographic region to reduce, and ultimately remove, tariff and nontariff barriers to the free flow of goods, services, and factors of production between each other. By creating a single market, the eu aimed to lower the price for goods and services across the bloc. Such a policy is good for consumers because it lowers the prices, but it presents challenges to some producers who have to adapt to a more competitive environment. The past 2 decades have witnessed an unprecedented proliferation of regional trade blocs that promote regional economic integration. Wto members are required to notify the wto of any regional trade agreements in which they participate. By 2010, almost all wto members had notified the organization of participation in one or more regional trade agreements, total number or regional trade agreements is over 500.
