key differences between a free trade area, a customs union, and a common market

discussion:

What is one lesson you have learned from this course that opened your eyes to the complexity of 21st-century international trade? Continue that response by sharing how you will apply what you have learned in this course to your current or future work.  200 word

Questions:

Question 1

The World Trade Organization (WTO) is an international organization created to provide rules for the resolution of trade disputes between nations and act as a forum for the discussion and implementation of further reduction in trade barriers. Critics of the WTO have a variety of complaints about the organization. What are the main concerns and criticism about the WTO?

Your response should be at least 200 words in length.

Question 2

List and analyze the arguments in favor of using trade barriers to enforce labor standards.

Your response should be at least 200 words in length.

Question 3

What is the difference between trade creation and trade diversion? Currently, the United States is negotiating a bilateral free trade agreement with New Zealand. Would you expect this free trade agreement between two countries to produce more trade creation or more trade diversion? Explain your answer.

Your response should be at least 200 words in length.

Question 4

After highlighting the key differences between a free trade area, a customs union, and a common market, the textbook illustrates immediate differences between the arrangement of NAFTA and that of the European Union (EU). Beyond those described, identify two other economic arrangements (variables, laws) that distinguish NAFTA from the EU.

Your response should be at least 200 words in length.

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