Trade blocs

Question 1

What is EFTA?

Answer 1

European Free Trade Association, a regional trade organisation

Question 2

Which countries are in EFTA?

Answer 2

Iceland, Lichtenstein, Switzerland, Norway

Question 3

What do the participating states benefit from the EU?

Answer 3

Operating parallel to EU allows participation in European single market

Question 4

When did the progressive elimination of customs duties in the EU start and with what?

Answer 4

1960 with the Treaty on European Free Trade Association

Question 5

Benefit for countries in EFTA

Answer 5

Part of EU free trade without being tied to it

Question 6

Example of EFTA giving back to EU

Answer 6

Switzerland opened borders to Europeans

Question 7

Why was the EU originally created?

Answer 7

Created 1950s, post WW2 to prevent further conflict

Question 8

When did EU countries stop charging customs duties?

Answer 8

1960s

Question 9

When was the EU single market completed and what did it include?

Answer 9

1993, includes free movement of goods, services, people, money

Question 10

How many nations are members of the EU?

Answer 10

28

Question 11

It is the largest trading bloc in the world. What opportunities does this open?

Answer 11

Provides common negotiation with large economies like USA and Russia

Question 12

How many jobs in Europe rely on EU trade?

Answer 12

1/7

Question 13

What is OPEC?

Answer 13

A permanent intergovernmental organisation of 15 oil-exporting developing countries

Question 14

When and why was OPEC started?

Answer 14

Started 1949 by Iran and Venezuela trying to improve communication between oil exporting countries after WW2

Question 15

What does OPEC do?

Answer 15

Give all oil exporting countries a fair chance, rather than large producers driving down prices and making competition difficult

Question 16

How much of the world’s discovered oil is within OPEC counties?

Answer 16

81.89%

Question 17

Where is the majority of oil found?

Answer 17

Middle East

Question 18

OPEC doesn’t impact trade between member countries as they don’t need to trade with each other. What does it impact?

Answer 18

Trade with other countries

Question 19

How many nations in 1970s agreed on the creation of the South Asian Association for Regional Cooperation?

Answer 19

7 inner South Asian nations

Question 20

Why was the South Asian Association for Regional Cooperation originally created?

Answer 20

Promote development of economic and regional integration

Question 21

When was the South Asian Free Trade Area established and why?

Answer 21

1985 after the USSR’s intervention with Afghanistan

Question 22

How does the SAARC help member states?

Answer 22

Aim to promote competition in area and benefit with transparency and integrity

Question 23

How has the SAARC made trade cheaper?

Answer 23

Duties and tariffs on the countries have been reduced to zero

Question 24

How does the SAARC address their main areas?

Answer 24

Address their 9 key areas independently

Question 25

What are the 4 main reasons NAFTA was set up?

Answer 25

To eliminate barriers and facilitate movement of goods and services, promote fair competition, increase investment opportunities, establish cooperation framework

Question 26

What was the immigration from Mexico to USA within NAFTA 1990-2000?

Answer 26

9.2 million

Question 27

What did NAFTA spur?

Answer 27

A surge in trade and investment

Question 28

How much did imports from Mexico increase after NAFTA was set up?

Answer 28

250%

Question 29

How does NAFTA disadvantage small companies?

Answer 29

They have to pay the same tariffs as large companies