Answer to Question #92183 in History for RENDANI

Question

CRITICALLY DISCUSS SIX MAJOR CLASSIFICATION OF REGIONAL ECONOMIC GROUPINGS AND GIVE AN EXAMPLE OF REGIONAL ECONOMIC GROUPINGS THAT YOU KNOW WHICH QUALIFIES IN EACH GROUP

Answer 1

1. Economic Unions, members maintain free trade in goods and services, such as the European Union (EU)
2. Free Trade Areas, members increase trade activities among themselves, such as The North American Free Trade Area (NAFTA)
3. Preferential Trade Areas, members reduce custom tariffs for some products, such as the Asia-Pacific Economic Cooperation (APEC)
4. Customs Unions, members establishes a common external tariff policy to third parties, such as the African Economic Community (AEC)
5. Monetary Unions, members establishes a central monetary authority, such as the EU, Common Markets for Eastern and Southern Africa