Economics · International Trade
When member countries establish a Free Trade Area (FTA), they abolish internal trade restrictions among themselves and:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1They completely abolish all import restrictions on goods coming from outside countries
- 2They establish a unified common external tariff structure on imports from all outside countries
- 3Each member country independently maintains its own specific tariffs and quotas on imports from outside countries✓
- 4They automatically abolish trade restrictions on imports from all other global Free Trade Areas
Correct answer
Each member country independently maintains its own specific tariffs and quotas on imports from outside countries
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