An economic community

Question

Quizplus · Accepted Answer

A common external tariff is a key feature of an economic community. It involves member countries agreeing to levy the same import duties on goods coming from non-member countries, in order to protect their industries from unfair competition and create a more level playing field for trade within the community. Restrictions on quantity and attempts to raise prices would be counterproductive to the goal of increasing economic integration and improving access to markets. Seeking concessional loans may be a desired outcome of forming an economic community, but it is not a defining feature. Stabilizing commodity prices may be a goal for some economic communities, but it is not a necessary criterion.

An Economic Community