#Examples of trading blocs how to
At the same time, the EU supports foreign companies with practical information on how to access the EU market.
#Examples of trading blocs free
The EU supports and defends EU industry and business by working to remove trade barriers so that European exporters gain fair conditions and access to other markets. In this report I will be laying out the advantages and disadvantages of some of the main trading mechanisms that I went through on my previous report table, these include embargoes, quotas, tariffs and trading blocs as well as free trade however this usually comes into all of the others pre. In the 14th century, the League fought a nine-year war with Denmark to win trading privileges in Scandinavia. Violence was a constant threat to long-distance trade one of the advantages of trade blocs was that the merchants' private armies helped protect each other. The EU also gets input from the public, businesses, and non-government bodies when negotiating trade agreements or rules. Unlike modern trading blocs, the Hanseatic League was a powerful military force. 17, 1992, by Canada, Mexico, and the United States. EU companies can grow their business, and can also more easily import the raw materials they use to make their products.Įach agreement is unique and can include tariff reductions, rules on matters such as intellectual property or sustainable development, or clauses on human rights. The North American Free Trade Agreement (NAFTA) was signed on Dec. These agreements grant mutually-beneficial access to the markets of both the EU and the countries concerned. The EU actively engages with countries or regional groupings to negotiate trade agreements.
Speaking as one voice, the EU carries more weight in international trade negotiations than each individual member would. The EU is responsible for the trade policy of the member countries and negotiates agreements for them. Two types of trading blocs are recognized by the WTO : the free trade areas, where member states have removed all tariff barriers between them but where each member states can set its own tariffs on imports from non member. For example, in June 2008, oil prices hit an all-time high of 143 per barrel.
Free trade among its members was one of the EU's founding principles, and it is committed to opening up world trade as well.įrom 1999 to 2010, EU foreign trade doubled and now accounts for over 30% of the EU’s gross domestic product (GDP). Nowadays, the world is increasingly divided into trade blocs. Trading blocs are a special type of economic integration. It is also the world’s largest single market area.
These lessons focus specifically upon Edexcel A Economics, but the fundamental premise could be applied to any exam board.Īll credits and copyright information can either be found beneath the photo/URL itself or on the last slide of the PowerPoint.Īll content (unless otherwise stated) is copyright © Michael Wilson (Teachonomics Ltd.) - including notes, worksheets and the occasions when mark schemes and exemplar answers have been used.The European Union is one of the most outward-oriented economies in the world. Worksheets that match-up with the slides and clearly link to the specification.Įdexcel-specific set of notes for the student (and teacher!).Īll resources are an original creation, detailed and very thorough. Trade Blocs A regional trading bloc is an intergovernmental agreement or treaty among a group of countries, acting together for a common purpose of removing or reducing trade barriers of trading between the participating nations. Marked essay exemplar answers and annotated mark schemes for essay question activityĬlear, colourful and engaging PowerPoint which links to the worksheets. Included is also a superb set of examples: CTTPP, AfCFTA, NAFTA, GAFTA and Mercosur - using a combination of slides, articles and videos - students will be up-to-date with the latest trade bloc trends. These resources contain several excellent up-to-date examples of trade blocs and also an A* essay written by a student.
#Examples of trading blocs full
This sequence of lessons (roughly two or three) focuses upon each of the different levels of economic integration, clearly explaining the differences all of the way from a free trade area to a full fiscal union.
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