4.1.5 trading blocs

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6 Terms

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european union
europe trade bloc. allows for free trade, movement of people + capital
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asean
sea trade bloc. allows reduced tariffs/quotas + free movement of people
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nafta
north america trade bloc. allows free trade
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common markets
members agree to removal of trade barriers
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advantages
reduced tariffs/quotas, specialised goods can be imported/exported, lucrative market, wider range of potential customers, economies of scale, labour easier to recruit
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disadvantages
smaller markets, more difficulty to import/export specialised goods, domestic industries may struggle, increased competition, pressure to improve