Economic Community of West African States and Free-trade area

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Economic Community of West African States and Free-trade area

Economic Community of West African States vs. Free-trade area

The Economic Community of West African States, also known as ECOWAS, is a regional economic union of fifteen countries located in West Africa. A free-trade area is the region encompassing a trade bloc whose member countries have signed a free-trade agreement (FTA).

Similarities between Economic Community of West African States and Free-trade area

Economic Community of West African States and Free-trade area have 5 things in common (in Unionpedia): Common external tariff, Customs union, Economic integration, Economic union, Trade bloc.

Common external tariff

A common external tariff must be introduced when a group of countries forms a customs union.

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Customs union

A customs union was defined by the General Agreement on Tariffs and Trade as a type of trade bloc which is composed of a free trade area with a common external tariff.

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Economic integration

Economic integration is the unification of economic policies between different states through the partial or full abolition of tariff and non-tariff restrictions on trade taking place among them prior to their integration.

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Economic union

An economic union is a type of trade bloc which is composed of a common market with a customs union.

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Trade bloc

A trade block is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.

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The list above answers the following questions

What Economic Community of West African States and Free-trade area have in common
What are the similarities between Economic Community of West African States and Free-trade area

Economic Community of West African States and Free-trade area Comparison

Economic Community of West African States has 121 relations, while Free-trade area has 29. As they have in common 5, the Jaccard index is 3.33% = 5 / (121 + 29).

References

This article shows the relationship between Economic Community of West African States and Free-trade area. To access each article from which the information was extracted, please visit:

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