trade blocs

Question 1

what is a trade bloc?

Answer 1

a group of countries in a trading agreement which grants advantages such as reduced tariffs and higher quotas

Question 2

whats a positive of a trade bloc?

Answer 2

mutual benefits

reduce tariffs
higher quotas
common external tariffs

Question 3

how many countries are in the EU? what does it allow?

Answer 3

28 countries. Free trade within the EU has allowed goods and
services to be transported internationally with ease

Question 4

how many countries are in NAFTA? what is the aim of NAFTA?

Answer 4

3
remove barriers to agricultural products, manufactured products, services

Question 5

what is ASEAN? how many countries? what does this trade bloc aim to ensure?

Answer 5

The Association of Southeast Asian Countries.
10 countries.
ensure political, economic, and social stability

Question 6

what are negatives of trade blocs?

Answer 6

limit trade to other countries

causing disadvantages to both the countries within the trade bloc and those outside of it. Overall, trade blocs (among other reasons) are said to limit the access to markets