Types of Regional trade agreements

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Global Econ

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5 Terms

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Partial agreement

Free trade in one or few products

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free trade area

free trade in all goods and services

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Customs Union

Free trade + Common external tariffs

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Common market

Free trade + common external tariffs + free movement of labor and capital 

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Economic Union

Free trade + common external tariffs + free movement of labor and capital + substantial harmonization of economic policies