What trade barriers exist or have been reduced

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Reference no: EM133920005 , Length: Words Count:1000

Assignment: International Trade and Trade Agreements

Introduction: International trade is explained by theories such as comparative advantage, which shows how countries benefit by specializing in what they do best, even when they are less efficient overall. Trade agreements bring these theories into practice by reducing trade barriers and fostering economic cooperation. For instance, agreements like NAFTA/USMCA or the EU Single Market illustrate both the gains from trade and the challenges that come with managing diverse economic interests.

Assignment Question:

Choose one trade agreement and answer the following questions:

Describe the trade agreement and which countries are involved?
How does the principle of comparative advantage help explain the benefits for these countries under the agreement?
What trade barriers exist or have been reduced.
Explain the role of the chosen agreement in shaping trade relations among the participating countries by highlighting its economic benefits and challenges.

Reference no: EM133920005

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