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What is Overview of Regional Trade Blocs about?

Regional Trade Blocs (RTBs) are agreements between countries in a region to reduce barriers to trade such as tariffs and regulations. They include preferential trade areas, free trade areas, customs unions, and common markets. RTBs aim to increase trade between member countries by promoting specialization based on comparative advantage. However, they can also distort global trade and divert trade away from more efficient non-member producers. Major existing RTBs include the European Union, NAFTA, ASEAN, and

Author

Yash Pratap Singh

Language

EN