4.1.5 trading blocs

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6 Terms

1
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european union

europe trade bloc. allows for free trade, movement of people + capital

2
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asean

sea trade bloc. allows reduced tariffs/quotas + free movement of people

3
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nafta

north america trade bloc. allows free trade

4
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common markets

members agree to removal of trade barriers

5
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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

6
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disadvantages

smaller markets, more difficulty to import/export specialised goods, domestic industries may struggle, increased competition, pressure to improve