To promote economic growth and development among member countries.

To reduce trade barriers between member countries.

To establish a common market among member countries.

To create a political union among member countries.

Free Trade Agreement (FTA)

Customs Union

Common Market

Economic Union

Eliminating tariffs on goods traded between member countries.

Reducing non-tariff barriers to trade.

Establishing a common market among member countries.

Creating a single currency among member countries.

A Customs Union involves the elimination of tariffs and the adoption of a common external tariff, while a Common Market involves the free movement of goods, services, and factors of production.

A Customs Union involves the free movement of goods, while a Common Market involves the elimination of tariffs and the adoption of a common external tariff.

A Customs Union involves the free movement of goods and services, while a Common Market involves the free movement of goods, services, and factors of production.

A Customs Union involves the elimination of tariffs, while a Common Market involves the free movement of services and factors of production.

North American Free Trade Agreement (NAFTA)

European Union (EU)

Association of Southeast Asian Nations (ASEAN)

World Trade Organization (WTO)

Increased trade volumes and economic growth.

Reduced consumer prices and increased consumer choice.

Improved efficiency and competitiveness of industries.

All of the above.

Trade diversion and the creation of inefficient industries.

Increased competition and job losses in certain sectors.

The need for harmonization of regulations and standards.

All of the above.

By carefully designing the RTA to minimize trade diversion and job losses.

By providing adjustment assistance to workers and firms affected by the RTA.

By promoting cooperation and coordination among member countries.

All of the above.

To ensure that RTAs are consistent with WTO rules and principles.

To provide a forum for negotiations on RTAs.

To monitor the implementation of RTAs.

All of the above.

Tariffs and other trade barriers.

Rules of origin.

Intellectual property rights.

Investment and services.

All of the above.

A PTA involves the reduction or elimination of tariffs on a limited number of goods, while an FTA involves the reduction or elimination of tariffs on all goods.

A PTA involves the reduction or elimination of tariffs on all goods, while an FTA involves the reduction or elimination of tariffs on a limited number of goods.

A PTA involves the reduction or elimination of tariffs on all goods, while an FTA involves the reduction or elimination of tariffs and other trade barriers.

A PTA involves the reduction or elimination of tariffs and other trade barriers, while an FTA involves the reduction or elimination of tariffs on all goods.

Lack of technical expertise and resources.

Asymmetric bargaining power.

Concerns about the impact of RTAs on their economies.

All of the above.

By building their technical expertise and resources.

By seeking technical assistance from international organizations.

By forming alliances with other developing countries.

All of the above.

The increasing number of RTAs.

The expansion of the scope of RTAs to include new issues.

The deepening of RTAs to include more ambitious commitments.

All of the above.

The rise of protectionism.

The increasing complexity of global supply chains.

The need for greater coherence between RTAs and the multilateral trading system.

All of the above.