What are regional trading blocs? What are the three largest regional trading blo

Question

What are regional trading blocs? What are the three largest regional trading blocs? What countries are members of each bloc? What are differences and similarities among these three regional trading blocs?

What are regional trading blocs? What are the three largest regional trading blocs? What countries are members of each bloc? What are differences and similarities among these three regional trading blocs?

Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.

Explanation / Answer

Ans: What are regional Blocks?

In the present day international trade scenario, trading blocs representing various forms of economic integration have a profound impact on the nature of competitiveness in the export markets. Economic integration is a state of affairs, or a process, involving the amalgamation of varied types of sovereign economies into a larger entity. In specific terms, it strives for cooperation among nations and is concerned with discriminatory removal of all trade restrictions between the participating nations and evolving of certain elements of cooperation and coordination between them. Such groups of countries are known as trading blocks.

What are the three largest regional trading blocs?

Ans:ASEAN (Association of Southeast Asian Nations)
Established on August 8, 1967, in Bangkok/Thailand.
Member States: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar,
Philippines, Singapore, Thailand, and Vietnam.

Goals: (1) Accelerate economic growth, social progress and cultural development in the region and (2) Promote
regional peace and stability and adhere to United Nations Charter.
Important Indicators for 2011: Population 604.8 million; GDP US$2.178 trillion; and Total Trade US$2.388 trillion.
(Figures as at April 2012, ASEAN Website.)
ASEAN Economic Community (AEC): Learn more about ASEAN Leaders' vision to transform ASEAN into a single market and production base that is highly competitive and fully integrated into the global ecomony by 2015.

Eu(European Union)

Founded in 1951 by six neighboring states as the European Coal and Steel Community (ECSC).
Over time evolved into the European Economic Community, then the European Community and,
in 1992, was finally transformed into the European Union.
Regional block with the largest number of members states (27). These include Austria, Belgium,
Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece,Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Romania, Slovakia, Slovenia,
Spain, Sweden, The Netherlands, and the United Kingdom.
For a map of the Union

MERCOSUR (Mercado Comun del Cono Sul - Southern Cone Common Market)
Established on 26 March 1991 with the Treaty of Assunci

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