q-4 - L ectu re 4 I What is economic integration a The...

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Lecture 4 I. What is economic integration? a. The process of removing barriers between countries that restrict movement of goods and services or factors of production… such as labor and capital b. Represents the commercial policies aimed at discriminately reducing or eliminating barriers to trade between a select group of countries II. Preferential trade arrangements a. The loosest form of economic integration b. By reducing tariffs, it gives preferential access to certain products to member countries III. Free trade areas a. A treaty between two o more countries meant to reduce or completely remove tariffs among members b. Member countries maintain their own barriers to trade with non-members i. Each country is free to have its own tariffs with other countries that aren’t part of the trade agreement IV.Customs union a. Looks like a free trade area (no tariffs among members) b. Members also set up a common external trade policy: common external tariff V. Common market a.
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