#Trading blocs are groups of countries free
The North American Free Trade Agreement of 1994 aims to create a unified free trade zone comprising Canada, the United States, and Mexico by eventually eliminating all barriers to trade such as tariffs and other protective measures.
You will discuss more about it, in the diploma in supply chain management program, which is offered by AIMS, UK. Some of the larger regional trading blocs include the North American Free Trade Agreement (NAFTA), the European Free Trade Association (EFTA), the Caribbean Community (CARICOM), the African Union (AU), the Union of South American Nations (UNASUR), the Eurasian Economic Community (EurAsEC), the Arab League (AL), the Association of Southeast Asian Nations (ASEAN), the Central European Free Trade Agreement (CEFTA), and the Pacific Islands Forum (PIF). These blocs are very important for the successful operation of logistics companies like Pinnacle Logistics. (This is not be confused with an employee collective bargaining group.)Ĭountries can belong to a variety of different trading blocs, and the World Trade Organization tracks the status of proposed blocs.There are also regional trading blocs that form when nations within a particular region join together to reap the benefits with easy setup. In these instances, “union” refers to a group of two or more countries that form a unit that shares the same philosophies on certain aspects of trade. Economic and monetary unions (made up of common market, customs union, and monetary union).Customs and monetary unions (made up of customs and currency unions share the same external trade policy and currency).Economic unions (made up of common market and customs union as described above).Common markets (made up of free trade area in which physical, technical, and fiscal barriers are reduced as much as possible).Customs unions (made up of free trade area with common external staff).
Preferential trade agreements (allow their member countries to have preferential access to certain products from other member countries).Milner in their book The Political Economy of Regionalism, there are different types of trading blocs, including: A trading bloc is a preferential trade agreement between a group of countries designed to reduce or remove trade barriers between its members.
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