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Most trade barriers work on the same principle: the imposition of some sort of cost (money, time, bureaucracy, quota) on trade that raises the price or availability of the traded products. If two or more nations repeatedly use trade barriers against each other, then a trade war results.
Trade war – Economic conflict using tariffs or other trade barriers; Trade organizations. European Economic Area – European free trade zone established in 1994; Free Trade Area of the Americas – Failed 2005 trade agreement for North and South America; World Trade Organization – Intergovernmental trade organization
The countries of Western Europe began to steadily liberalize their economies after World War II and the protectionism of the interwar period, [67] but John Tsang, then Hong Kong's Secretary for Commerce, Industry and Technology and chair of the Sixth Ministerial Conference of the World Trade Organization, MC6, commented in 2005 that the EU ...
The European Free Trade Association (EFTA) was created in 1960 by the outer seven (as a looser alternative to the then-European Communities) but most of its membership has since joined the Communities/EU leaving only four countries (Iceland, Norway, Switzerland and Liechtenstein) still party to the treaty.
Article 207(1) of the Treaty on the Functioning of the European Union (TFEU) states: [5] "The common commercial policy shall be based on uniform principles, particularly with regard to changes in tariff rates, the conclusion of tariff and trade agreements relating to trade in goods and services, and the commercial aspects of intellectual property, foreign direct investment, the achievement of ...
Commonwealth free trade is the process or proposal of removing barriers of trade between member states of the Commonwealth of Nations. [1] The preferential trade regime within the British Empire continued in some form amongst Commonwealth nations under the Imperial Preference system, until that system was dismantled after World War II due to changes in geopolitics and the pattern of global ...
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The European Union is the main trading partner of Switzerland, with around fifty-two percent of exports going into the EU. This trade relationship began when the EU and Switzerland had created the Free Trade Agreement of 1972. This gave each country the ability to trade industrial products free of a customs duty.