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Examine the roles and place of trade blocs in the global economy.
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Economics - Mr. Russell " Free Trade and comparative (economic) advantage are the main justification for international trade." i) Examine the roles and place of trade blocs in the global economy. A trade bloc or free trade area is a group of countries between which there is free trade in goods and services but which allows member countries to set their own level of tariffs against non-member countries. The European Union is the largest multi-national free trade bloc, followed by NAFTA (North American Free Trade Agreement), MERCOSUR and AFTA (ASEAN free trade area). NAFTA is a free trade agreement involving Canada, Mexico and the USA. Of the free trade unions NAFTA is the most limited, as it is restricted to eliminating tariffs, quotas and other trade impediments amongst the 3 countries involved. There is no common customs or tariff agreement for imported goods and services or any free movement of citizens allowed. It is...
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