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Chapter 32, Problem 32.4SC
To determine

a)

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Introduction: The General Agreement on Tariffs and Trade was the first worldwide multilateral free trade agreement. Its primary purpose was to increase international trade by reducing or eliminating various quotas, tariffs and subsidies while maintaining necessary regulations.

To determine

b)

Fill in the blanks

Introduction: Regional trade agreements are reciprocal trade agreements between two or more partners. They include free trade agreements and customs unions.

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