What are different types of trading blocks?
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Answers ( 2 )
There are several types of trading bloc:
1) Preferential Trade Area. Preferential Trade Areas (PTAs) exist when countries within a geographical region agree to reduce or eliminate tariff barriers on selected goods imported from other members of the area.
2)Free Trade Area.
3)Customs Union.
4)Common Market.
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.
There are five different types of trade blocks as given below:-
* Free trade Area
* Custom Union
* Common Market
* Complete Economic Union
* Complete Political Integration