Global Trading Blocks Saarc -Impact of India on Saarc

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Trading blocs

TypeDefinationExamples
|Prefential Trading Area |A preferential trade agreement is perhaps the | | | |weakest form of economic integration. In a PTA |European Economic area | | |countries would offer tariff reductions, though| | | |perhaps not eliminations, to a set of partner |India and Afghanistan | | |countries in some product categories. Higher | | | |tariffs, perhaps non-discriminatory tariffs, |India and Mauritious | | |would remain in all remaining product | | | |categories. | | |Free Trade Area |A free trade area occurs when a group of |South Asian Free Trade Agreement (SAFTA) | | |countries agree to eliminate tariffs between | | | |themselves, but maintain their own external |Africa Free Trade Zone(AFTZ) | | |tariff on imports from the rest of the world | | | | |Central Europe Free Trade Agreement (CEFT) | | | | | | | | | | | | | |Custom Union |customs union occurs when a group of countries | Central America Common Market (CECM) | | |agree to eliminate tariffs between themselves | | | |and set a common external tariff on imports |East African Community (EFC) | | |from the rest of the world | | | | |Carribean Community(CARICOM) | | | | | | | | | |Common Markets |A common market establishes free trade in goods| | | |and services, sets common external tariffs |Andrean Community (CAN) | | |among members and also allows for the free | | | |mobility of capital and labor across countries |Central America Common Market (CACM) | | |...
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