TAs | Definition |
NRTA | Non-reciprocal TAs (NRTA), providing one-way preferential tariffs, e.g. the generalised system of preferences (GSP). |
RTA | Reciprocal TAs (RTA) providing two-way preferences on only part of the trade, e.g. the Latin American free trade area started in 1960. |
FTA | Free trade areas (FTA), providing two-way preferences and eliminating tariffs on a substantial part of the trade, e.g. NAFTA. |
CU | Customs Unions (CU), which are FTAs with common external tariffs, e.g. Mercosur, Türkiye-EU. |
CM | Common markets (CM) such as the European Union, which allows freer movement of capital and labour to a CU. |
EUN | Economic Unions (EU), which are CM with monetary and fiscal policy coordination such as the Economic and Monetary Union of Central Africa (1999) and Eurozone countries. |