4.1.5 trading blocs

Question 1

define trading bloc

Answer 1

a type of intergovernmental agreement to reduce regional trade barriers

Question 2

benefits of trading blocs

Answer 2

foreign direct investment
economies of scale
competition
greater trade
market efficiency

Question 3

expansion of trading blocs

Answer 3

when new countries join a trading bloc

Question 4

the trans-pacific partnership

Answer 4

the latest and one of the most controversial trading blocs.
aims to deepen economic ties between nations, slashing tariffs and fostering trade to boost growth.
us, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile, Peru

Question 5

four freedoms of the eu

Answer 5

free trade in goods
mobility of labour
free movement of capital
free trade in services

Question 6

ASEAN

Answer 6

the association of south East Asian nations is a 10-member international body that represents more than 500 million people living in the region

Question 7

NAFTA

Answer 7

agreement covers environmental and labour issues as well as trade and investment

Question 8

opportunities of being in a trading bloc

Answer 8

freedom to trade
enlarged market
protection from international competition outside of the bloc
freedom of movement of people

Question 9

drawbacks of trading blocs

Answer 9

retaliation
protectionist