| 单词 | trade creation |
| 释义 | trade creation The effect of a customs union in creating or increasing trade between member countries. This new trade results from the reduction in tariffs between the members and is generally welfare-increasing. Trade creation is distinguished from trade diversion, which is the replacement of trade with non-members by trade between members. This occurs because the tariff-free prices of goods from members are lower than tariff-inclusive prices of the non-members who formerly supplied them. Trade diversion is generally welfare-decreasing. A customs union is beneficial to its members in the short run if their gains from trade creation exceed their losses from trade diversion. |
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