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Examine the causes and consequences of the emergence of large trading blocs in recent years.
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| Submitted: Mon Sep 15 2003
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A-level Geography -Trading Blocs (a) What is meant by the term trading bloc? [5] A trading bloc is defined as a group of countries which combined together share trade agreements. There are two types of trade agreements partaken in by the members of these blocs. The first types of agreements are internal free trade agreements which promote trade between member countries by the removal of protectionist. This encourages trade within the bloc by lowering the internal trade costs. The second types are agreements which restrict trade outside of the bloc by imposing protection such as tariffs on foreign trade. These discourage trade with countries outside the bloc as these polices raise the cost of this trade. There are a large number of trading blocs spanning over the different areas of the globe. The two largest in terms of GDP per head in $ are the EU and NAFTA. The EU is the...
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