With a preferential trading arrangement, a group of countries agrees to unilaterally reduce tariffs applied to imports from all countries of the world.

Name: With a preferential trading arrangement, a group of countries agrees to unilaterally reduce tariffs applied to imports from all countries of the world.
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Question

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A preferential trading arrangement involves countries agreeing to lower tariffs for each other, not for all countries worldwide. It's a selective agreement among participating nations.

With a Preferential Trading Arrangement, a Group of Countries Agrees