Lesson 35 - Trading blocs Flashcards
1
Q
Define the term trading bloc?
A
A trading bloc is a group of countries that join together in some form of agreement in order to increase trade between themselves and/ or to gain economic economic benefits from cooperation.
2
Q
Give five examples of trading blocs?
A
European Union
NAFTA
Arab League
African Union
Union of South American Nations
3
Q
What is trade creation?
A
Increased trade that occurs between member countries of trading blocs
