when does a region trade with another region
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Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants. By developing and exploiting their domestic scarce resources, countries can produce a surplus, and trade this for the resources they need.
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Types of Regional Trading Agreements
Preferential Trade Areas. The preferential trading agreement requires the lowest level of commitment to reducing trade barriers. ...
Free Trade Area. ...
Customs Union. ...
Common Market. ...
Economic Union. ...
Full Integration.
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