Difference between free trade area and customs union

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Reference no: EM133935632

Question

1. What is the difference between a free trade area and a customs union? Why are they considered as an exception to the MFN principle? Why are they tolerated and approved by the WTO?

2. Explain what is meant by Brexit? Please discuss the advantages and disadvantages of Brexit.

3. Describe the importance of the US, Mexico, and Canada Agreement (USMCA).

Can an importer reject goods that are not satisfactory, even though the goods have been paid for before receipt? Please explain your opinion in detail.

Reference no: EM133935632

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