Trading Blocs are a Form of Economic Integration

Creating trading blocs between different countries helps its members to increase international trade and increase the export of its products abroad. Trading blocs are a form of economic integration. ⠀

Aside from the European Union, currently there are many agreements signed by different countries⠀

✔️Save the list of different organizations. Learn more about international economic cooperation between different countries from all over the world. ⠀

✅ NAFTA — The North American Free Trade Agreement is an agreement signed between Canada, Mexico, and the U.S. The goal of NAFTA is to eliminate or reduce barriers to trade and investment between its members. ⠀

✅ AFTA — Asean Free Trade Area is a trade bloc supporting local trade and facilitating economic integration. There are 10 country members in AFTA: Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand, Myanmar, Cambodia, Laos, Vietnam. ⠀

✅ EFTA — The European Free Trade Association. The intergovernmental organization promotes free trade and economic integration of its Member States, who are: Iceland, Norway, Liechtenstein, Switzerland. ⠀

✅ CEFTA — the Central European Free Trade Agreement. This is a trade agreement between non-EU countries. Currently, there are 7 member countries: Albania, Bosnia and Herzegovina, Moldova, Montenegro, Republic of North Macedonia, Serbia and Kosovo. ⠀

✅ EUEU — the Eurasian Economic Union is an economic union of states located in central and northern Asia and Eastern Europe. Currently, there are 5 members: Russia, Belarus, Armenia, Kazakhstan, Kyrgyzstan. ⠀

✅ Mercosur — officially Southern Common Market is a South American trade bloc, which main purpose is to promote free trade between its members: Brazil, Argentina, Paraguay, and Uruguay.


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