{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Lecture_11___Fall_2007

Lecture_11___Fall_2007 - Lecture 12 Economic Integration...

Info icon This preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
Lecture 12 1 of Professor David Lee AEM 230 / ECON 230 Economic Integration: Regional and Preferential Trade Agreements ¾ Trade agreements – among geographical country groups – in which countries agree to lower, or no, tariff or NTB restrictions amongst member countries. ¾ Generally acknowledged that multilateral liberalization is preferable: it is “first best” (gains from freer trade are greater), global and not partial, and avoids many complications that arise in regional agreements. ¾ RTAs/PTAs inherently discriminatory (counter to GATT-WTO principles) but permitted under Article 24 of GATT. Why?
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon