ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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European Union (EU)
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Association of Southeast Asian Nations (ASEAN)
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North American Free Trade Agreement (NAFTA)
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None of the above
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Detailed explanation-1: -The EU negotiates trade agreements on behalf of the member states – including Ireland. These agreements deal with preferential duty rates on the shipment of goods between the EU and countries around the world. They have also evolved to cover a wider range of areas to facilitate trade.
Detailed explanation-2: -The EU relaunched negotiations with India for an FTA in June 2022, after talks were suspended in 2013, and launched separate negotiations for an investment protection agreement and an agreement on Geographical Indications. Both sides are hopeful of concluding the negotiations in all three areas in 2023.
Detailed explanation-3: -FTAs are treaties between two or more countries designed to reduce or eliminate certain barriers to trade and investment, and to facilitate stronger trade and commercial ties between participating countries.
Detailed explanation-4: -Currently, the euro (€) is the official currency of 20 out of 27 EU member countries which together constitute the Eurozone, officially called the euro area.