economic blocs
Regional trade groups
Economic blocs are groups of countries that coordinate trade policies and reduce barriers among themselves.
Members typically enjoy preferential treatment—lower tariffs, easier movement of goods and labor—while maintaining common policies toward outsiders.
The European Union is the most integrated example; others include NAFTA, ASEAN, and Mercosur.
The formation of economic blocs has reshaped global trade patterns.
- African UnionContinental intergovernmental organization
- European UnionContinental political-economic federation
- single marketIntegrated trading bloc
- Commonwealth of NationsPost-imperial voluntary alliance
- borderOuter edge or limit
globalization · market · customs union · sanctions · most favored nation · ASEAN · regionalism · tariffs · treaties · free trade zone · BRICS · multinational corporations · international law · quotas · goods · exports · trade agreements · agreements
- trade lawtrade law, trade regulations, trade laws, trade treaties, commercial law
- tradetrade balance, free trade, trade barriers, customs, trade deficit
- global financeinternational banking, financial hubs, central banks, capital flows, exchange rates
- business groupstrade associations, trade association, chamber of commerce, industry groups, business alliance
- ComeconUSSR, Soviet Union, member states, Poland, Hungary
economic blocsfree trade
Unrestricted international exchange
open markets · multilateralism · free trade zones · World Trade Organization
economic blocsunilateralism
Acting without international cooperation
economic nationalism · bilateral agreements · national sovereignty
economic blocsautarky
Complete economic independence
economic isolation · isolationism · protectionism · economic nationalism · trade barriers