What's a trading bloc. ?
Economics
ScanSolve AI Answer
A trading bloc is a type of intergovernmental agreement where regional countries agree to reduce or eliminate trade barriers among themselves. The main goal is to foster economic cooperation and increase trade within the member countries, often by creating a free trade area, customs union, or common market. An example is the European Union (EU).
Was this helpful?
Still stuck on this one?
Ask a follow-up, and the answer starts from this question.
Got a different question?Ask your own question
More Economics Questions
QDefine and explain trade terms like tariffs, quotas, embargo, trade bloc, and unfavorable trade, and…QTrade is the exchange of goods and services between individuals, businesses, or countries, often…QDefine trade, international trade, comparative advantage, trade protection, and a disadvantage of…QExplain the terms trade, trade balance, exports, trade surplus and globalization. Also explain a…QTrade is defined as A. buying and selling of goods and services. B. buying of goods only. C…