1. Trade
4.3 & 4.4

2. I. Economic Integration
Multilateral vs bilateral
Free Trade Area/Trading Bloc
Customs Union
Common Market
Economic Union
Common Currency

6. 50 years of tariff reductions
GATT/WTO: 50 years of tariff reductions
Tariff reduction of industrial countries for industrial products, excluding petroleum
Implementation period
Round covered
Weighted tariff reduction
1948–63
First five GATT rounds (1947–62) 
–36
1968–72
Kennedy Round (1964–67) 
–37
1980–87
Tokyo Round (1973–1979) 
–33
1995–99
Uruguay Round (1986–94) 
–38
Note: Tariff reductions for the first five trade rounds refer to US only

7. Creation vs Diversion Trade Creation Trade Diversion
If member states would not normally trade with each other
Trade Diversion
If joining an FTA results in loss of comparative advantage

8. Various Free Trade Areas

9. EU

10. EU

11. Schengen

12. Flag of Europe

13. History

14. EFTA

15. Eurode Business Center
Germany - Holland

16. Holland-Belgium

17. Germany-Holland

18. Basel

20. EU-MEFTA

21. GAFTA

22. NAFTA

23. CAFTA

24. MERCOSUR

25. APEC

26. ASEAN

28. Flag of OPEC

29. World Trade Organization
GATT
Uruguay Round
Removal of Trade Barriers
“Precautionary Principle” NO
Sanctions
Globalization
Neoliberalism
Race to the bottom
Control by MNCs

32. Pros & Cons of FTAs Trade Diversion Competition from foreign producers
Trade Creation
Potential for larger exports
More choice for consumers
Lower prices
Attraction of foreign companies
Political stability with trade allies
Trade Diversion
Competition from foreign producers
Exclusive deals for members only
Loss of sovereignity
Trade alliances with dictatorships/regimes