European Free Trade Area - Explaining Brexit.

The video discusses the European Free Trade Area, highlighting its benefits such as tax-free trade among member countries. It explains the differences between a free trade area, single market, and customs union, focusing on how they handle external tariffs. The potential for exploitation in free trade areas is illustrated with a hypothetical scenario involving France, Australia, and the US. The video also covers the European Free Trade Association (EFTA), its members, and the costs associated with access. Finally, it explores the UK's options for trading with the EU post-Brexit, including remaining in the single market or customs union.

What are tariffs and quotas, and how do they affect international trade?

Discuss the advantages and disadvantages of being part of a free trade area.