trade blocs
Regional commerce agreements
Trade blocs are groups of countries that agree to reduce or eliminate trade barriers among themselves.
Members typically enjoy lower tariffs, fewer quotas, and easier movement of goods than non-members face.
Examples range from free trade areas like NAFTA to deeper integrations like the European Union.
Regional trade blocs have reshaped global commerce.
- tariffsTaxes on imports
- single marketIntegrated trading bloc
- economic integrationMerging separate national markets
- importsGoods brought in
- exportsGoods sold abroad
common market · ASEAN · NAFTA · European Union · level playing field · regional · quotas · treaties · embargo · border controls · negotiations · barriers · WTO · borders · EU · sovereignty · Brussels · import quotas
- regionsregion, regions, area, areas, zone
- tradecustoms, commerce, export, exports, quotas
- Global Economicseconomic development, economic growth, economic policy, economic unions, GDP
- globalizationglobalization, global village, multinationals, global economy, global markets
- international tradecustoms, tariffs, freight, exports, imports
- Cold War economicsMarshall Plan, containment policy, economic sanctions, arms race, economic warfare
trade blocseconomic nationalism
Favoring domestic over foreign commerce
unilateralism · autarky · national sovereignty · protectionism · trade barriers
block, trade, tradition, trader, trading, traditional, trademark, blockade, traded