IGNOU MS 97 2017 - Describe the various types of trade blocks. Discuss the major trade bl

Question

Describe the various types of trade blocks. Discuss the major trade blocks in the world.

20 Apr 2018

Answer :

Word Count : 752

Trade blocs, also known as regional trade agreements, are a form of economic integration that involves a group of countries coming together to facilitate trade among themselves while imposing certain trade barriers on countries outside the bloc. These trade blocs can take various forms and have different levels of integration. They are established to promote economic cooperation, reduce trade barriers, and boost the overall economic growth of member nations. There are several types of trade blocs, including preferential trade areas, free trade areas, customs unions, common markets, and economic unions.

1. Preferential Trade Areas (PTAs):
Preferential Trade Areas involve countries reducing tariffs and trade barriers among themselves but maintaining their own trade policies with non-member countries. PTAs provide preferential access to member countries' markets for certain goods and services. An example of a PTA is the East African Community (EAC), which includes countries like Kenya, Tanzania, Uganda, Rwanda, and Burundi.

2. Free Trade Areas (FTAs):
Free Trade Areas go a step further by eliminating most or all tariffs and trade barriers among member countries. However, each member maintains its own external trade policies with non-member countries. The North American Free Trade Agreement (NAFTA), which

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