What is the main difference between a free trade area and a customs union? a. Customs unions

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What is the main difference between a free trade area and a customs union?

a. Customs unions have more enforcement powers than free trade areas.

b. Customs unions are backed by local currency; free trade areas are backed by the U.S. dollar.

c. Customs unions are discouraged by the World Bank; free trade areas are encouraged.

d. Customs unions have a unified trade agreement with non-members; free trade areas retain individual policies.

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International Business and the New Realities

ISBN: 978-0136090984

2nd Edition

Authors: S. Tamer Cavusgil, Gary Knight, John R. Riesenberger

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Posted Date: Oct 22, 2022 04:25 AM

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What is the main difference between a free trade area and a customs union? a. Customs unions

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A free trade area is a trade agreement between two or more count... View the full answer

International Business and the New Realities

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