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Regional Economic Integration
Agreements among countries in a geographic region toreduce and ultimately remove tariff and nontariff barriers to the free flow of goods, servvices, and factors of production between each other
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Free Trade Area
A group of countries committed to removing all barriers to the free flow of goods and services between each other, but pursuing independent external trade policies
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European Free Trade Association (EFTA)
A free trade association including Norway, Iceland, and Switzerland
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Customs Union
A group of countries committed to (1) removing all barriers to the free flow of goods and services between each other and (2) the pursuit of a common external trade policy
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Common Market
A group of countries committed to (1) removing all barriers to the free flow of goods, services, and factors of production between each other and (2) the pursuit of a common external trade policy
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Economic Union
A group of countries committed to (1) removing all barriers to the free flow of goods, services, and factors of production between each other; (2) the adoption of a common currency; (3) the harmonization of tax rates; and (4) the pursuit of a common external trade policy
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Political Union
A central political apparatus coordinates economic, social, and foreign policy
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Trade Creation
Trade created due to regional economic integration; occurs when high-cost domestic producers are replaced by low-cost foreign producers within a free trade area
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Trade Diversion
Trade diverted due to regional economic integration; occurs when low-cost foreign suppliers outside a free trade area are replaced by higher-cost suppliers within a free trade area
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European Union
An economic and political union of 28 countries (2014) that are located in Europe
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Treaty of Rome
The 1957 treaty that established the European Community
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European Commission
Responsible for proposing EU legislation, implementing it, and monitoring compliance
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European Council
The heads of state of EU members and the president of the European Commission
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European Parliament
Elected EU body that provides consultation on issues proposed by European Commission
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Treaty of Lisbon
A European Union-sanctioned treaty that will allow the European Parliament to become the co-equal legislator for almost all European laws
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Court of Justice
Supreme appeals court for EU law
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Maastricht Treaty
Treaty agreed to in 1992, but not ratified until January 1, 1994, that committed the 12 member-states of the European Community to a closer economic and political union
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Optimal Currency Area
Region in which similarities in economic activity make a single currency and exchange rate feasible instruments of macroeconomic policy
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North American Free Trade Agreement (NAFTA)
Free trade area among Canada, Mexico, and the United States
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Andean Community
A 1969 agreement among Bolivia, Chile, Ecuador, Colombia, and Peru to establish a customs union
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Mercosur
Pact among Argentina, Brazil, Paraguay, and Uruguay to establish a free trade area
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Central American Common Market
A trade pact among Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua, which began in the early 1960s but collapsed in 1969 due to war
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Central America Free Trade Agreement (CAFTA)
The agreement of the member-states of the Central American Common Market joined by the Dominican Republic to trade freely with the United States
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CARICOM (Caribbean Community)
An association of English-speaking Caribbean states that are attempting to establish as customs union
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Caribbean Single Market and Economy (CSME)
The six CARICOM members that agreed to lower trade barriers and harmonize macroeconomic and monetary policies
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Association of Southeast Asian Nations (ASEAN)
Formed in 1967, an attempt to establish a free trade area among Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Vietnam, and Thailand
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