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Question 1 (a) Summarise trade creation and trade diversion and analyse the dynamic benefits of a customs union with appropriate diagrams. (10 marks) (b) For

Question 1

(a) Summarise trade creation and trade diversion and analyse the dynamic benefits of a customs union with appropriate diagrams. (10 marks)

(b) For the Association of Southeast Asian Nations (ASEAN) only at its current stage as ASEAN Free Trade Area (AFTA), discuss whether it should move on to a customs union. (10 marks)

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