#Trading economics free#
The EU will negotiate as a single trading block making it easier to push through practices which increase free trade. For example, in the case of trade negotiations. It is argued trading blocks help globalisation through making global negotiations easier. Within the EU, there has also been a single currency and single monetary policy adopted by 11 members.Īs well as increased integration amongst members of a trading bloc. the immigration from Poland of many workers to UK and Ireland). There has also been a greater movement of capital and labour. Within the EU, there has been a marked integration of the national economies. The EU has expanded to over 26 countries and has a combined population of 356 million. Trading blocs like the EU do speed up this process. Globalisation refers to how the economic barriers between countries are being removed enabling more trade and free movement of labour and capital.
Globalisation refers to the phenomena of increased integration and interdependence of the national economies. Vietnam joined in 1995, Laos and Myanmar in 1997 and Cambodia ASEAN Free Trade Area (AFTA Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand.South Asian Free Trade Area (SAFTA) A free trade area of 1.6 billion people in Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.NAFTA is the North Atlantic Free Trade Association.(US, Mexico and Canada).The European Union aims at not just a customs union but also economic and monetary union – harmonisation of taxes / single currency and common monetary policy.Trading blocs are groups of nations who form an economic union or area of free trade. Readers Question: ‘Trading blocs are the most significant factor contributing to globalisation’ To what extent do you agree with this view?
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