List I List II

1. FTA a) A group of countries decide to remove all tariffs and quotas between them, while maintaining their own separate trade policies with the rest of the world

2. Custom Union b) This level of integration includes free movement of goods, services, and factors of production (like labor and capital), and also includes a common external trade policy

3. Common Market c) An extension beyond common market, this level incorporates common policies on issues like agriculture, fisheries and regional development, and may also use a single currency

4. Economic Union d) This consists of a free trade area, but goes a step further – members harmonize their trade policies towards non-member countries, effectively adopting a common external tariff.

Question

List I	List II
1. FTA	a) A group of countries decide to remove all tariffs and quotas between them, while maintaining their own separate trade policies with the rest of the world
2. Custom Union	b) This level of integration includes free movement of goods, services, and factors of production (like labor and capital), and also includes a common external trade policy
3. Common Market	c) An extension beyond common market, this level incorporates common policies on issues like agriculture, fisheries and regional development, and may also use a single currency
4. Economic Union	d) This consists of a free trade area, but goes a step further – members harmonize their trade policies towards non-member countries, effectively adopting a common external tariff.