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(a) What is a trading bloc? A trading bloc is a group of countries who agree to form a free trade area, common market or customs union in order to eliminate or reduce barriers to trade - Leaving Cert Business - Question 6 - 2007
Question 6
(a) What is a trading bloc? A trading bloc is a group of countries who agree to form a free trade area, common market or customs union in order to eliminate or red... show full transcript
Worked Solution & Example Answer:(a) What is a trading bloc? A trading bloc is a group of countries who agree to form a free trade area, common market or customs union in order to eliminate or reduce barriers to trade - Leaving Cert Business - Question 6 - 2007
Step 1
What is a trading bloc?
Answer
A trading bloc is an arrangement between groups of countries that agree to minimize or eliminate trade barriers among themselves. This can include forming a free trade area, establishing a common market, or creating a customs union. The primary aim of a trading bloc is to enhance trade with one another while potentially imposing tariffs or restrictions on trade from non-member countries.
Step 2