Who Benefits From Regional Trade Agreements

Trade agreements open many doors for businesses. With access to new markets, competition becomes more intense. Increasing competition is forcing companies to produce better quality products. This also leads to more variety for consumers. When there is a wide range of high-quality products, companies can improve customer satisfaction. Regional trade agreements offer the following advantages: thanks to attractive trading conditions, companies in member countries have a greater incentive to trade in new markets as a result of the policies contained in the agreements. Member States of a customs unionA customs unionA customs union is an agreement between two or more neighbouring countries aimed at removing barriers to trade, reducing or eliminating customs duties and abolishing quotas. .

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