Question

Write the names of two regional trade blocs of the world.

Hint:

Regional trade blocs help member countries increase trade efficiency and economic growth by reducing trade restrictions.

Answer 1

Two well-known regional trade blocs of the world are:
1. European Union (EU)
2. North American Free Trade Agreement (NAFTA)
Step 1: Understanding Regional Trade Blocs.
Regional trade blocs are groups of countries that come together to promote trade and economic cooperation among member nations by reducing tariffs and trade barriers.
Step 2: Explanation.
- The European Union (EU) is a group of European countries that have established a single market with free movement of goods, services, capital, and labor.
- The NAFTA (now replaced by USMCA) was an agreement between the United States, Canada, and Mexico to encourage free trade across North America.
Step 3: Conclusion.
Hence, two regional trade blocs of the world are the European Union (EU) and NAFTA.