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Nowadays, the world is increasingly divided into trade blocs. Two types of trading blocs are recognized by the WTO : the free trade areas, where member states have removed all tariff barriers between them but where each member states can set its own tariffs on imports from non member countries ( EFTA, NAFTA, ASEAN, APEC) and the customs union, where countries agree on common tariffs from non members and remove all trade barriers between them ( like the EU, the Southern Common Market MERCOSUR formed by Argentina, Brazil, Paraguay and Uruguay). However there are also the common market in which members allow full freedom of factors flows (migration of labour and capital) among themselves in addition to having a customs union and the full economic union, in which member countries unify all their economic policies, including monetary, fiscal and welfare policies as well as policy toward trade and factor migration. Trade blocs...

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