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What is a free trade area?

A group of countries that agree to gradually eliminate trade barriers between themselves.

What is the purpose of rule of origin?

A rule of origin is the rule to attribute a country of origin to products in order to determine its economic nationality.

Describe the aim of the EU common market.

The aim of the EU common market is to enable EU citizens to study, live, shop, work and retire in any EU country and enjoy products from all over Europe.

What is a customs union?

<p>A customs union fulfills the requirements of a free trade area and, in addition adopts a common policy towards all non-member countries.</p> Signup and view all the answers

What is the significance of the 'rule of origin'?

<p>It is an important tool in determining the economic nationality of a product, which is crucial for trade agreements and tariffs.</p> Signup and view all the answers

Free Trade Area

A group of countries agreeing to eliminate trade barriers among themselves, allowing each country to set its own trade policies with non-members.

Customs Union

A free trade area with a common external policy toward non-members.

Rule of Origin

A rule determining the country of origin of a product, essential for implementing trade agreements.

Common Market (Single Market)

A common market allows free movement of goods, services, capital, and people among member countries, removing barriers to trade.