Camouflaged Trade Agreements

No 2012-11, Working Papers from University of Sydney, School of Economics

Abstract: We raise the possibility that at least some of the free trade areas observed in practice are customs unions in disguise. We distinguish between generalized and standard customs unions. While members of the former can choose different external tariff rates, members of the latter levy a common external tariff. The chief insight is that, in practice, it is typically not possible to differentiate between a generalized customs union and a free trade area. We demonstrate that generalized customs unions will be established and offer an explanation for the design of Article XXIV of the General Agreement on Tariffs and Trade.

Keywords: World Trade Organization; Trade Agreement; General Agreement on Tariffs and Trade; Free Trade Area; Common External Tariff; Customs Union (search for similar items in EconPapers)
Date: 2012-05
New Economics Papers: this item is included in nep-int
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Citations: View citations in EconPapers (2)

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