Questions and Answers
Which trade agreement was created in January 1994 among the U.S., Canada, and Mexico?
North American Free Trade Agreement (NAFTA)
What is the primary goal of the Single Market within the European Community?
Reducing barriers to the movement of capital, goods, and people.
Which regional bloc has moved beyond the Common Market to achieve deep integration of both market and non-market systems?
European Community
What is the potential danger associated with regional blocs in international trade?
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What has driven the emergence of regional blocs in the international economy?
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Study Notes
International Trade Agreements
- The North American Free Trade Agreement (NAFTA) was created in January 1994 among the U.S., Canada, and Mexico.
European Single Market
- The primary goal of the Single Market within the European Community is to remove all barriers to the free movement of goods, services, capital, and people.
Regional Blocs
- The European Union (EU) has moved beyond the Common Market to achieve deep integration of both market and non-market systems.
Risks of Regional Blocs
- A potential danger associated with regional blocs in international trade is that they can lead to trade diversion and a bias towards protectionism.
Emergence of Regional Blocs
- The emergence of regional blocs in the international economy has been driven by the desire to promote economic growth, increase competitiveness, and respond to globalization.
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