Question

Which is not a regional block of global economic order?

Answer 1

Economic integration is the process where the economic barriers between two or more countries are eliminated. It involves specific policy decisions by governments designed to reduce or remove barriers to mutualexchange of goods, services, capital and people.

Answer 2

Answer:

Regional economic groupings strive to combine smaller national economies into a larger economic unit.

Explanation:

1. Regional economic groupings strive to combine smaller national economies into a larger economic unit.
2. They hope to do this by removing trade barriers and fostering greater coordination and cooperation among the countries involved.
3. Preferential trade zones, free trade zones, customs unions, and common markets are the four types of trading blocs.

The following is a list of the top ten regional trade blocs in the globe.

• " Association of South East Asian Nations (ASEAN)"
• APEC – Asia Pacific Economic Cooperation
• BRICS
• EU – European Union
• NAFTA – North America Free Trade Agreement
• CIS – Commonwealth of Independent States
• "Common Market for Eastern and Southern Africa(COMESA)"
• "South Asian Association for Regional Cooperation(SAARC)"
• MERCOSUR
• IOR-ARC – Indian Ocean Rim Association for Regional Cooperation

The main benefits of trade blocks are an increase in FDI (Foreign Direct Investment) and the elimination of tariffs.

Trade blocs are a sort of economic cooperation that also shields its members from imports from non-member countries inside the region.

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