To expand exports in order to generate growth to overcome its current financial crisis. Argentina, a member of Mercosur, is desperate
Eu trade blocs free#
Waning enthusiasm for a Free Trade Area of the Americas. This renewed negotiations resulting from the failure of the WTO negotiations at Cancun, and However, Mercosur is focusing on marketĪccess. The EU has resisted the scrapping of agricultural subsidies. The ASEAN Free Trade Area has a total population of over 500 million, and a maximum tariff of 5 percent (The Economist, 2 March 2002). The USA has a common currency between its individual states. The EU is the only such block with an elected parliament and a common currency (for some of its members). These regional trade blocks differ in their degree of integration and effectiveness. The Integration and Effectiveness of Regional Trade Blocs Triad theory describes the international business environment as a limited number of ‘superblocks’. They may distort, and certainly do not represent, truly global trading patterns. Regional trade blocks (or blocs) such as those shown above only extend the benefits of free trade to their members. Association of Southeast Asian Nations (ASEAN): Brunei, Myanmar, Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Argentina, Brazil, Paraguay and Uruguay are Associate Members of CAN while Panama, Mexico, and Spain are Observers.ĩ. Four main member countries are-Venezuela, Colombia, Ecuador, Peru and Bolivia. Andean Community: Otherwise known as Comunidad Andina ( CAN). South Asian Association for Regional Co-operation (SAARC): India, Pakistan, Sri Lanka, Bangladesh, the Maldives, Bhutan, Nepal and Afghanistan.Ĩ. West African Economic and Monetary Union/Union Economique et Monétaire Ouest Africaine (UEMOA): Ivory Cost, Burkina Faso, Niger, Togo, Senegal, Benin, Mali and Guinea-Bissau.ħ. Southern African Development Community (SADC): Angola, Botswana, Comoros, Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Tanzania, Zambia and Zimbabwe.Ħ. Mercosur: Brazil, Argentina, Paraguay and Uruguay (Chile is an associate), 4 member countries.ĥ. Formerly, the UK was a member of the association but from 31 January 2020 the UK is no longer an EU member country.Ĥ. European Union (EU): Austria, Germany, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France,, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
European Free Trade Association (EFTA): Norway, Switzerland, Iceland and Liechtenstein, 4 member countries.ģ. North American Free Trade Agreement (NAFTA): US, Canada and Mexico, 3 member countries from January 1, 1994.Ģ.Some are discussed in short including their member countries, for example: There are number of popular regional trade blocks (or trade blocs). Regional Trade Blocs The Most Popular Regional Trade Blocs in The World The European Union has economic union as an aim. There is free movement of all factors of production.
Common markets – in effect, the members become one trading area. Tariffs, taxes and duties are harmonized amongst members.ģ. C ustoms unions – these agree a common policy on barriers to external countries. Free trade areas – members in these arrangements agree to lower barriers to trade amongst themselves.Ģ.
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