The Worlds Main Regional Trading Blocs - 1755 Words

3. The World’s main regional trading blocs Middle East and North Africa (MENA): is a regional economic integration bloc that includes the Middle East and North Africa. The population of the MENA region is about 381 million people, about 6% of the total world population. Map 1: Middle East and North Africa geographical map North American Free Trade Agreement (NAFTA): is a regional economic integration bloc that includes the U.S., Canada, and Mexico. NAFTA represents 450 million people producing $17 trillion worth of goods and services. Map 2: North American Free Trade Agreement geographical map The Association of Southeast Asian Nations (ASEAN): is a regional economic integration bloc that includes 10 countries located in Southeast Asia. The ASEAN represents 620 million people. 4. Regional economic integration: The EU case: Map 3: The European Union geographical map The European Union is considered as a political and economic institution that includes 28 countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, The Netherlands, and the United Kingdom. In fact, the creation of the EU has been through the following steps: †¢ The treaty of Paris, 18 April 1951: the establishment of the coal and steel European community ECSC (Belgium, West Germany, France, Italy, Netherlands,Show MoreRelatedEu vs Nafta1729 Words   |  7 Pagesgain for both the blocs. However in some areas, â€Å"peaceful co-existence† and some form of â€Å"stricter ties† between the EU and NAFTA would prove to be beneficial for both. Introduction The NAFTA and the European Union comprising of 27 countries comprise the biggest blocs in the world. The two trade blocs are also highly interdependent through foreign direct investment. In 2007, stocks of FDI in the NAFTA were 1.25 trillion euros while relevant figure of the NAFTA in the EU bloc was about 1.15 trillionRead MoreThe Effect Of Preferential Trade Agreement On The Trade Of Paraguay976 Words   |  4 Pageson the trade of Paraguay. Preferential trade agreements (PTAs) have become a prevalent tool for regional economic collaboration. Despite its recognition and popularity, however, many economists are still skeptical of the effectiveness of PTAs. Preferential trade agreements (PTAs) are critical parts of the world’s current multidimensional trading system. The agreements allow nations to engage in regional or exclusive free trade cooperation. When countries are engaged in a PTA, they jointly allow preferentialRead MoreRegional Trading Blocs2360 Words   |  10 Pa gesINTRODUCTION : A regional trading bloc is a group of countries within a geographical region that protect themselves from imports from non-members. Trading blocs are a form of economic integration, and increasingly shape the pattern of world trade. In general terms, regional trade blocks are associations of nations at a governmental level to promote trade within the block and defend its members against global competition. Defense against global competition is obtained through establishedRead MoreEu and Nafta3107 Words   |  13 PagesKYUNGSIK 08025465 Nowadays, Regional integration by establishing trading bloc seems to be inevitable for most of countries because limited resources like oil and financial capital encouraged them to establish such a trading bloc like NAFTA. Among several trading bloc, European Union evolved more integrated politically and economically over last sixty years. Furthermore, European union have their own flag, parliament, council and commission. Every trading bloc must have their own characteristicsRead MoreRegional Trading Blocs : The Eu And Asean ( Association Of Southeast Asian Nations )2511 Words   |  11 Pagesthis report is to compare and contrast two regional trading blocs: the EU and ASEAN (Association of Southeast Asian Nations) and also to discuss and analyse the implications for the marketing managers that operate in these blocs. Schott (1991) defines a trading block as a type of intergovernmental agreement that aims to reduce regional barriers to trade for the participating states. This repo rt will look at the similarities and differences between the two blocs in the first part, with the second partRead MoreGlobalization and International Trade Essay1823 Words   |  8 Pagesnumber of agreements. According to investorworld.com, the major trade agreements include The General Agreement on Tariffs and Trade (GATT), The World Trade Organization (WTO), The Asia Pacific Economic Cooperation Council (APEC), and several regional trading blocs. The GATT is a worldwide trade pact that was first established in the aftermath of World War II. Nondiscrimination has been the guiding principle. Any trade advantage an GATT member gives to one country must be given to all GATT membersRead More World Trade Organisation Essay2041 Words   |  9 Pagesfarmers. Another argument is that by removing trade barriers as the WTO seeks to achieve, jobs are ‘exported’ to lower labour cost countries where the standards to which the labourers are subjected, are below what is internationally accepted. The final main argument against the WTO’s aims that is raised, is that if countries cannot make their industries globally competitive, they will experience a decline in their people’s standards of living. Judging the results of these arguments, will allow me to decideRead MoreObjectives of Comesa1650 Words   |  7 Pagesexistence since 1981. The PTA was established within the framework of the OAUs Lagos Plan of Action (LPA) and the Final Act of Lagos (FAL). Both the LPA and the FAL envisaged an evolutionary process in the economic integration of the continent in which regional economic communities would constitute building blocks upon which the creation of an African Economy Community (AEC) would ultimately be erected. The PTA, and hence COMESA, was established to take advantage of a larger market size, to share the regionsRead MoreEssay on European Union: Theories and Analysis1339 Words   |  6 Pagescommon usage is that of the EU to refer to all member countries in Europe. According to the media, the EU has become a powerhouse in its own right. Its member countries have combined to create a formidable force, particularly in terms of global trading. Furthermore, as a federation, the EU is proving to be a major player in terms of global politics. But does this mean that all is well in peaceful within the European Union? Does the fact that the member states have banded together meaning thatRead MoreGlobalization Of The English Language1249 Words   |  5 Pagesâ€Å"One out of four of the world’s population speaks English to some level of competence† (NADRAG, TIHENEA, and STAN, 2013). It is well known that English is a globally used language and holding balance internationally, but after all how can we ‘dig deeper’ into it? Although undisputedly English is today’s international lingua franca, the comprehension of globalization of the English language of its historical origin, further consequences (to other non-Englis h speaking nations), and trend of benefit