Economic Integration AP/IB Economics.

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Presentation transcript:

Economic Integration AP/IB Economics

Trading Bloc Group of countries that join together in some form of agreement in order to increase trade between themselves and/or to gain economic benefits from cooperation on some level. 6 stages identified by Hungarian economist Béla Balassa

Preferential Trading Areas Trading bloc that gives preferential access to certain products from certain countries. Carried out by REDUCING tariffs

Free Trade Area Agreement made between countries, where the countries agree to trade freely among themselves, but are able to trade with countries outside of the FTA in whatever way they wish. A B FREE TRADE AREA Imposes tariffs C Free trade D Complete embargo

Customs Union Agreement made between countries, where the countries agree to trade freely among themselves, and they also agree to adopt common external barriers against any country attempting to import into the customs union. CUSTOMS UNION A B FREE TRADE Common external barriers C D

Common Market Customs union with common policies on product regulation, and free movement of goods, services, capital, and labour.

Economic and Monetary Union Common market with a common currency.

Complete Economic Integration Individual countries involved would have no control of economic policy, full monetary union, and complete harmonization of fiscal policy.

Evaluation of Trading Blocs