Preferential trade arrangements and free trade areas are the strongest forms of trade arrangement.

Name: Preferential trade arrangements and free trade areas are the strongest forms of trade arrangement.
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Preferential trade arrangements and free trade areas are not the strongest forms of trade arrangement. The strongest form is a customs union, where members not only eliminate tariffs and quotas among themselves but apply a common external tariff to non-members.

Preferential Trade Arrangements and Free Trade Areas Are the Strongest