Give information on the growing importance of the Regional Trade Blocs in International trade with special reference to the European Union (EU) and the Oil Producing and Exporting Countries (OPEC).
Answers
"Regional trade blocks are nowadays increasing the trade between countries that have better geographical proximity so they wanted to put restriction on trade of developing nations.
You wont believed but as many as 120 regional trade blocks managed to generate half of world trade due to failure of the global organisation to enhance the intra regional trade. These regional trade blocks increasing and generating their trade day by day by removing tariffs.
Like we see the examples of European Union (EU) and OPEC:
EU has its headquarters in Brussels, Belgium and it consists of many European countries named as Denmark, Belgium, Finland United kingdom, Austria and many more. European Union traded commodities between EU nations like wood, agricultural products, chemicals etc.
OPEC or Organisation of Petroleum exporting countries has its headquarters in Vienna, Austria and it deals in crude oil between OPEC nations like IRAQ, IRAN and Qatar.
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