Economic integration has been one of the main economic developments affecting international trade in the last years. Countries have wanted to engage in economic cooperation to use their respective resources more effectively and to provide large markets for member-countries of…
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An economic union is the last step in an economic integration process. The previous ones are: free trade area, customs union and common market. In addition to free movement of goods, services and production factors, it also requires integration of…
Read MoreEnabling clause
The decision on Differential and More Favourable treatment, Reciprocity and Fuller Participation of Developing Countries made at the GATT Tokyo Round, permits developed counties to extend preferences to developing countries without violating the most-favoured-nation treatment agreements.
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