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Trade blocs can be stand-alone agreements between several states (such as the USMCA) or part of a regional organization (such as the European Union). Depending on the level of economic integration, trade blocs can be classified as preferential trading areas, free-trade areas, customs unions, common markets, or economic and monetary unions. [1]
The Regional Comprehensive Economic Partnership (RCEP / ˈ ɑː r s ɛ p / AR-sep) is a free trade agreement among the Asia-Pacific countries of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. [2]
The ASEAN Free Trade Area (AFTA) [1] is a trade bloc agreement by the Association of Southeast Asian Nations supporting local trade and manufacturing in all ASEAN countries, and facilitating economic integration with regional and international allies.
A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other.
Currently there are multiple regional blocs in Africa, also known as Regional Economic Communities (RECs), many of which have overlapping memberships. The RECs consist primarily of trade blocs and, in some cases, some political and military cooperation. Most of these RECs form the "pillars" of AEC, many of which also have an overlap in some of ...
The pact marks the first time rival East Asian powers China, Japan and South Korea have been in a single free trade agreement.
The trade bloc was called the Andean Pact until 1996 and came into existence when the Cartagena Agreement was signed in 1969. Its headquarters are in Lima , Peru . The Andean Community has 113 million inhabitants over an area of approximately 3,800,000 km 2 .
Trade bloc – Intergovernmental open trading group; Trade war – Economic conflict using tariffs or other trade barriers; Trade organizations. European Economic Area – European free trade zone established in 1994; Free Trade Area of the Americas – Failed 2005 trade agreement for North and South America