Question
What are the various forms of Regional Economic Groupings. Discuss the impact of Regional Economic Groupings.
Answer :
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Regional Groupings can be classified, conceptually, into five major types:
- Preferential Trading Arrangement, where the member countries lower barriers to imports of identified products from one another;
- Free Trade Area, where barriers to trade in respect of all items among member countries are completely eliminated while each member country follows its own policy in regard to trade with lion-member countries;
- Customs Union, where, apart from elimination
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