trade bloc
Regional commerce pact
A trade bloc is a group of countries that have agreed to reduce or eliminate trade barriers among themselves.
Members typically enjoy lower tariffs and fewer restrictions when trading with each other than with outside nations.
Examples include the European Union, NAFTA, and ASEAN.
The trade bloc negotiated collectively with external partners.
European political-economic bloc
Tax on traded goods
- customs unionTariff-aligned trading partnership
- common marketIntegrated trading zone
- quotaFixed assigned amount
- dutyRequired moral task
preferential treatment · most favored nation · economic integration · protectionism · subsidy · harmonization · single market · sanitary standards
Nation within an organization
- accessionAttainment of high office
- treatyBinding pact between nations
- ratificationFormal approval by authority
- withdrawalAct of taking away
enlargement · associate member · founding member · signatory · charter · membership criteria · voting rights · opt-out
Merging separate national markets
- regional cooperationNearby areas collaborating jointly
- collective bargainingJoint worker-employer talks
- economies of scaleCost advantages from size
- labor mobilityWorkforce geographic flexibility
competitive advantage · price stability · industrial policy · development · prosperity
EU
European political-economic bloc
tariff
Tax on traded goods
- customs unionTariff-aligned trading partnership
- common marketIntegrated trading zone
- quotaFixed assigned amount
duty · preferential treatment · most favored nation · economic integration · protectionism · subsidy · harmonization · single market · sanitary standards
member state
Nation within an organization
- accessionAttainment of high office
- treatyBinding pact between nations
- ratificationFormal approval by authority
withdrawal · enlargement · associate member · founding member · signatory · charter · membership criteria · voting rights · opt-out · integration
economic integration
Merging separate national markets
- regional cooperationNearby areas collaborating jointly
- collective bargainingJoint worker-employer talks
- economies of scaleCost advantages from size
labor mobility · competitive advantage · price stability · industrial policy · development · prosperity
- regionsregion, regions, area, areas, zone
- global tradeexport tax, exports, import tax, imports, export
- tradecustoms, commerce, export, exports, quotas
- alliancesalliance, allies, ally, coalition, NATO alliance
- consortiumsconsortium, syndicate, cartel, joint venture, conglomerate
- Economic OrganizationsIMF, World Bank, OECD, WTO, central bank
trade blocautarky
Complete economic independence
protectionism · trade barrier · economic nationalism · tariff wall · self-sufficiency
trade, trader, trading, trademark, blockade, traded, bloc, trades, traders