China has had a growing interest in African countries. After talking to a lot of countries, China has taken steps to create a customs union with South Africa. The restricted FT Price is $15 and the tariff price $5. Draw a diagram explaining the relation and effects of this agreement. 5. Country A was trading with Country C, but now enters into a FTA with country B.1. How does this impact volume of trade with Country B, Country C and overall volume of trade?2. Illustrate the dynamics using a diagram3. Find the net welfare effects for Country A. 6. What effects does an import quota have on a large country?
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