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ftm482 notes - Common Market-Current Trade related issues...

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Chapter 3 Free trade areas : two or more countries eliminate tariffs/barriers (nafta) Customs unions: members ALSO agree to common external tariffs (CETs) Common Markets: members ALSO allow free flow of factors of production (labor and capital) example: ANDEAN, SICA Economic Unions: members also seek to coordinate economic and social policy. (example: EU on its way) NAFTA NAFTA- effective Jan 1, 1994 Just a free trade agreement, no common external barriers To remote free trade between us, Canada, and Mexico Latin America SICA- Guatemala, El Salvador, Honduras, Nicaragua, Panama, Costa Rica Andean Community- Venezuela, Columbia, Ecuador, Peru, and Bolivia (customs union)
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Unformatted text preview: Common Market-Current Trade related issues FTAA: free trade of Americas act – designed to create a free trade area for North and South America *** KNOW **** VI. Western, Central, and Eastern Europe European Union (EU)- established in 1992 approximately 27 member nations, GNI $15 Trillion, population: 290m The “Euro Zone” – established May 1998 approx 11 charter members: Austria, Belgium, Finland, Ireland, Netherlands, France, Germany, Spain, Luxembourg, Portugal, and Italy Recent members: Greece, Slovakia, Cyprus, Malta, and Slovenia Marketing issues in the EU-legal/regulatory harmonization-cultural challenges (for marketers)...
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