| Chapter 15 Outline |
| VI. REDUCING TRADE BARRIERS |
| A. The Global Approach |
| 1. Under the auspices of the General Agreement on Tariffs and Trade (GATT) there have been eight round of international trade negotiations in the post-World War II era. |
| a. These negotiations have resulted in reductions in tariff rates. |
| B. The Regional Approach |
| 1. Many countries have formed regional trading blocs. |
| a. These blocs reduce or eliminate trade barriers among members while
maintaining barriers against countries who are not a part of the bloc. |
| 2. The North American Free Trade Agreement (NAFTA) established a freetrade area for the United States, Canada, and Mexico. |
| 3. The European Union has 15 members. It has eliminated most trade barriers between member countries. |