Review:
Trade Blocs
overall review score: 4.5
⭐⭐⭐⭐⭐
score is between 0 and 5
Trade blocs are regional agreements between countries that facilitate trade by reducing or eliminating tariffs, quotas, and other trade barriers among member countries.
Key Features
- Tariff reduction or elimination
- Quota removal
- Trade facilitation measures
- Common trade policies
- Harmonization of regulations
Pros
- Promotes economic integration and cooperation among member countries
- Leads to increased trade and investment within the bloc
- Can result in economies of scale and specialization
Cons
- May lead to trade diversion with non-member countries
- Can create tensions with countries outside the bloc
- May limit the ability of member countries to negotiate individual trade agreements