trade blocs

Trade blocs are agreements between countries to reduce barriers like tariffs and quotas, making it easier to buy and sell goods and services across borders. They aim to promote economic cooperation, trade, and investment among member countries while often excluding non-member nations. Examples include the European Union and NAFTA (now USMCA). These blocs can boost economic growth, increase competition, and offer consumers more choices, but may also impact smaller or non-member economies in various ways. Overall, trade blocs facilitate closer economic relationships and integration among participating countries.