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a) Is a situation whereby neighbouring countries form economic blocks to accord preferential treatment to goods and services circulating within the block
b);Levels of integration include
1: Free trade area-member countries agree to abolish/minimize tariffs and other restrictions but individual countries are free to impose restrictions on non-member countries e.g European Free Trade Area(EFTA)
2: Customs union-member countries agree to abolish or minimise tariffs amd other restrictions and levy a common tariff on exchange of goods and services with non-member countries e.g ECOWAS
3: Common market-member countries agree to abolish or minimise tariffs and other restrictions and levy a common tariff on non-member countries and allow for free movement of of factors of production across border.People are therefore free to work and establish business in any of the member countries e.g European Economic Commission(EEC)
4: Economic union-member countries agree to abolish or minimize other restrictions,levy a common tariff on non member countries and allow for free movement of factors of production and have a common currency,a common central bank and a common infrastructure such as railways and communication network.
Kalis answered the question on March 23, 2018 at 07:34
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