Economics · International Trade Agreements
A Regional Economic Community (REC) proposes a transition from a Free Trade Area (FTA) to a Customs Union. In this context, consider the following statements: 1. An FTA allows member countries to maintain independent external tariffs. 2. A Customs Union requires a common external tariff. 3. A Common Market necessarily requires a common currency. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2 and 3
- 21 and 3 only
- 32 only
- 41 and 2 only✓
Correct answer
1 and 2 only
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