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Which of the following statements is correct regarding Free Trade Agreement (FTA)?
- a)An agreement which is only partial in scope, meaning it allows for trade between countries on a small number of goods.
- b)A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.
- c)A free-trade agreement in which members apply a common external tariff (CET) schedule to imports from non members.
- d)The market where movement of factors of production is relatively free amongst member countries.
Correct answer is option 'B'. Can you explain this answer?
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Which of the following statements is correct regarding Free Trade Agre...
A free trade agreement is a preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.
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Which of the following statements is correct regarding Free Trade Agre...
Free Trade Agreement (FTA)
Free Trade Agreement is a preferential arrangement among countries to reduce or eliminate barriers to trade in goods and services between them. Here is an explanation of the correct statement regarding FTAs:
Statement: A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non-members.
Explanation:
- FTAs typically involve member countries agreeing to reduce or eliminate tariffs and other trade barriers on goods traded between them.
- However, each member country retains its own tariff rates for trade with countries outside the agreement, known as non-members.
- This preferential treatment among members aims to promote trade and economic cooperation while allowing countries to maintain their own trade policies towards non-members.
- FTAs can help boost economic growth, create jobs, and increase consumer choice by facilitating trade among member countries.
- Examples of FTAs include the North American Free Trade Agreement (NAFTA) and the European Union's single market.
In conclusion, the correct statement about Free Trade Agreements is that they are preferential arrangements where members reduce tariffs on trade among themselves while maintaining their own tariff rates for trade with non-members.
Free Trade Agreement is a preferential arrangement among countries to reduce or eliminate barriers to trade in goods and services between them. Here is an explanation of the correct statement regarding FTAs:
Statement: A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non-members.
Explanation:
- FTAs typically involve member countries agreeing to reduce or eliminate tariffs and other trade barriers on goods traded between them.
- However, each member country retains its own tariff rates for trade with countries outside the agreement, known as non-members.
- This preferential treatment among members aims to promote trade and economic cooperation while allowing countries to maintain their own trade policies towards non-members.
- FTAs can help boost economic growth, create jobs, and increase consumer choice by facilitating trade among member countries.
- Examples of FTAs include the North American Free Trade Agreement (NAFTA) and the European Union's single market.
In conclusion, the correct statement about Free Trade Agreements is that they are preferential arrangements where members reduce tariffs on trade among themselves while maintaining their own tariff rates for trade with non-members.
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Which of the following statements is correct regarding Free Trade Agreement (FTA)?a)An agreement which is only partial in scope, meaning it allows for trade between countries on a small number of goods.b)A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.c)A free-trade agreement in which members apply a common external tariff (CET) schedule to imports from non members.d)The market where movement of factors of production is relatively free amongst member countries.Correct answer is option 'B'. Can you explain this answer?
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Which of the following statements is correct regarding Free Trade Agreement (FTA)?a)An agreement which is only partial in scope, meaning it allows for trade between countries on a small number of goods.b)A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.c)A free-trade agreement in which members apply a common external tariff (CET) schedule to imports from non members.d)The market where movement of factors of production is relatively free amongst member countries.Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following statements is correct regarding Free Trade Agreement (FTA)?a)An agreement which is only partial in scope, meaning it allows for trade between countries on a small number of goods.b)A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.c)A free-trade agreement in which members apply a common external tariff (CET) schedule to imports from non members.d)The market where movement of factors of production is relatively free amongst member countries.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is correct regarding Free Trade Agreement (FTA)?a)An agreement which is only partial in scope, meaning it allows for trade between countries on a small number of goods.b)A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.c)A free-trade agreement in which members apply a common external tariff (CET) schedule to imports from non members.d)The market where movement of factors of production is relatively free amongst member countries.Correct answer is option 'B'. Can you explain this answer?.
Which of the following statements is correct regarding Free Trade Agreement (FTA)?a)An agreement which is only partial in scope, meaning it allows for trade between countries on a small number of goods.b)A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.c)A free-trade agreement in which members apply a common external tariff (CET) schedule to imports from non members.d)The market where movement of factors of production is relatively free amongst member countries.Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following statements is correct regarding Free Trade Agreement (FTA)?a)An agreement which is only partial in scope, meaning it allows for trade between countries on a small number of goods.b)A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.c)A free-trade agreement in which members apply a common external tariff (CET) schedule to imports from non members.d)The market where movement of factors of production is relatively free amongst member countries.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is correct regarding Free Trade Agreement (FTA)?a)An agreement which is only partial in scope, meaning it allows for trade between countries on a small number of goods.b)A preferential arrangement in which members reduce tariffs on trade among themselves, while maintaining their own tariff rates for trade with non members.c)A free-trade agreement in which members apply a common external tariff (CET) schedule to imports from non members.d)The market where movement of factors of production is relatively free amongst member countries.Correct answer is option 'B'. Can you explain this answer?.
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