There are some 200 economic integration agreements in effect around the world al
ID: 466011 • Letter: T
Question
There are some 200 economic integration agreements in effect around the world already, far more than even a few years ago. Virtually every country is now party to one or more free trade agreements. Supporters argue that free trade is good for nations.
What is the basis for their support? That is, what are the specific benefits that countries seek by joining an economic bloc?
What is the main economic bloc for your country?
From your perspective, what advantages has bloc membership brought to your country?
What disadvantages has bloc membership produced?
Explanation / Answer
Ans:
Benefits of free trade:
MAIN ECONOMIC BLOC FOR U.S.:
The U.S. has entered into free trade agreement with Canada and Mexico and looking for an opportunity to include Chile.
ADVANTAGES FOR FREE TRADE MEMBERS:
DISADVANTAGES FOR FREE TRADE MEMBERS: