International Trade

Types of Economic Integration

Economic integration can take many forms. The following table shows four common forms of integration and their characteristics.

 Free Trade
Area		Customs
Union		 Common
Market		Economic
Union
Free trade among members? Yes Yes Yes Yes
Free trade with non-members? No No Yes Yes
If No to previous question, then: Independent
policy		Uniform
policy		  
Free Factor Mobility? No No Yes Yes
Unification and co-ordination of economies? No No No Yes

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