![]() The EU27 have free trade and common regulations and are part of a customs union. European Union – The most integrated trading block.Also, the move to free trade tends to create winners and losers – with some domestic industries losing out to lower-cost imports.Įxamples of Global trading blocks Free trade areas However, it can lead to compromise as countries pool economic sovereignty.This can lead to lower prices, increased export potential, higher growth, economies of scale and greater competition. They have advantages in enabling free trade between geographically close countries.Trading blocks have become increasingly influential for world trade. Economic union/Single market – Customs union + common rules and regulations. ![]() Customs union – free trade area + a common external tariff with non-members.Free trade areas – elimination of tariffs between economies in the trading block.Trading blocks are groups of countries who form trade agreements between themselves. ![]()
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