ECONOMIC TRADE BLOC

Economic Trading Bloc

Economic Trading Bloc

Economic Trade Blocs

Economic trade blocs are formed through intergovernmental agreements. These agreements are formulated as a part of regional intergovernmental organization. Trade blocs in essence aim to eliminate or at least reduce certain barriers to trade among participating states. The participating countries also aim to protect themselves from imports from non-members. As such, trading blocs attains economic integration among regional participant countries. Furthermore, trade blocs direct and contour a pattern for world trade.

EU is the global economies largest economic trade bloc. It was formed in 1957, subsequent to the Treaty of Rome. Its ...