MARK 462 Lecture Notes - Lecture 26: European Free Trade Association, East Caribbean Dollar, Kyrgyzstan
9 Feb 2018
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1. identify and discuss the five basic types of economic integration. There"s 5 levels of economic integration. a)free trade area: countries that participate eliminate trade barriers, but each country has its own trade policy for non-members. Is the most popular form of regional integration and accounts for almost 90% of regional agreements. Efta, european free trade association, includes 7 members, iceland, liechtenstein, nor- way, and switzerland. Nafta, north american free trade agreement, canada, mexico, usa b)custom union: countries that participate eliminate trade barriers and have a common external trade policy for non-members. Andrea community (andrea pack), bolivia, colombia, ecuador, peru. 5- 20% tariff on products imported from outside. Eacu euro asian customs union, armenia, belarousse, kazakhstan and kirgistan, russia c)common market: countries that participate eliminate trade barriers, have a common trade policy for non-members and allows factors of production to move freely between members.
