regional trade blocs

Regional trade blocs are agreements between neighboring countries to promote economic cooperation by reducing or eliminating barriers like tariffs and import/export restrictions. These blocs aim to facilitate easier trade, investment, and movement of goods and services among member nations, enhancing economic growth and regional stability. Examples include the European Union (EU) and the North American Free Trade Agreement (NAFTA). Essentially, they create a more integrated market within a specific region, benefiting participating countries through increased trade opportunities and cooperation.