A free trade area gains all the benefits associated with being a member of a customs union while avoiding all the costs associated with being a member of a customs union. Evaluate this statement.

Economics

IGCSE&ALevel

CAIE

Exam No：9708_s25_qp_43 Year：2025 Question No：5

Answer:

11.6.2 distinction between a free trade area, a customs union, a monetary union and full economic union

11.6.3 trade creation and trade diversion

6.2.3 arguments for and against protectionism

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