Answer to Question 1
A customs union has all the characteristics of a free trade area but also includes the adoption of common external trade policies toward nonmembers. A more contemporary example of a customs union is the Mercosur Accord, an agreement initially signed by Argentina, Brazil, Paraguay, and Uruguay to promote trade among themselves. In 2010, Russia, Belarus, and Kazakhstan similarly agreed to create a customs union.
Answer to Question 2
The main benefit of the Bretton Woods system for firms was the knowledge that value of currencies would remain stable. The objectives of the IMF are to promote international monetary cooperation, facilitate the expansion and balanced growth of international trade, promote exchange stability and arrangements, assist in the establishment of a multilateral system of payments, provide confidence to members by making the general resources of the IMF temporarily available to them, and shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members.
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