1 Questions
What is the main difference between a customs union and a free trade area?
A customs union involves the adoption of a common external tariff on goods traded with non-member countries, while a free trade area does not.
Test your knowledge on Economic Integration: From PTAs to Complete Economic Union. Learn about the different stages of economic integration, from the preferential trading area (PTA) to the complete economic union. Enhance your understanding of the benefits and challenges of economic integration, including the reduction of trade barriers and the promotion of greater economic cooperation. Take this quiz and improve your knowledge of international trade and economic integration.
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