Types of trading bloc
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Last updated 2:09 PM on 4/3/26
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4 Terms
1
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Free trade area
Removal of trade barriers between member nations
Free to set their own trade barriers on non member countries
USMCA
2
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Customs union
Remove trade barriers between member countries
Common external tariff on non member countries outside trade bloc
EU
3
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Common market
Remove trade barriers between member countries
Common external tariff on countries outside the trading bloc
Free movement of factors of production
European single market
4
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Monetary union
Removal of trade barriers between member countries
Common external tariff on counties outside trading bloc Free
A common currency
