trade bloc

A trade bloc is a group of countries that agree to work together to make trade easier among themselves. This usually involves reducing or eliminating tariffs (taxes on imports) and other barriers, so goods and services can be exchanged more freely. The goal is to boost economic growth and cooperation by creating a more integrated market. Examples include the European Union and NAFTA (now USMCA). Being part of a trade bloc helps member countries access larger markets, attract investment, and improve trade relations, benefiting their economies.