economic bloc
Regional trade group
An economic bloc is a group of countries that coordinate trade and economic policies, typically by reducing barriers among members while maintaining common policies toward outsiders.
Examples include the European Union, NAFTA, and ASEAN.
Blocs may pursue free trade, customs unions, or deeper economic integration: The economic bloc agreed to eliminate tariffs on agricultural goods.
- customs unionTariff-aligned trading partnership
- single marketIntegrated trading bloc
- European UnionContinental political-economic federation
- free trade areaRegion without internal tariffs
- labor mobilityWorkforce geographic flexibility
border controls · common market · ASEAN · developing nations · tariff reduction · level playing field · sovereign states · trade wars · free trade zone · monetary union · common currency · trade agreement · union · member · regional · cartel · sanctions · market
- alliancesalliance, allies, ally, coalition, NATO alliance
- trade blocsNAFTA, EU, ASEAN, USMCA, EEC
- Trade Regionsfree trade zone, customs union, common market, APEC, ASEAN
- geopoliticsbalance of power, bipolarity, blocs, brinkmanship, buffer state
- ComeconUSSR, Soviet Union, member states, Poland, Hungary
economic blocautarky
Complete economic independence
economic nationalism · protectionism · self-sufficiency · trade barriers · unilateralism