The free Trade area Eliminates tariff and quota barriers among member countries a Each country is free to set its own tariff and quota barriers against nonmember countries Can be formed for certain classes of goods or services only
The Free Trade Area ◼ Eliminates tariff and quota barriers among member countries ◼ Each country is free to set its own tariff and quota barriers against nonmember countries ◼ Can be formed for certain classes of goods or services only
The Customs Union a Tariff and quota barriers among member countries are eliminated Member countries establish common tariff and trade barriers against nonmember countries a Tariff revenues are shared among members according to a prescribed formula
The Customs Union ◼ Tariff and quota barriers among member countries are eliminated ◼ Member countries establish common tariff and trade barriers against nonmember countries ◼ Tariff revenues are shared among members according to a prescribed formula
The common market a No trade barriers among member nations No restriction on the movement of labor, capital, or technology across borders Member countries establish common tariff and trade barriers against nonmember countries
The Common Market ◼ No trade barriers among member nations ◼ No restriction on the movement of labor, capital, or technology across borders ◼ Member countries establish common tariff and trade barriers against nonmember countries