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GLOBAL SOCIAL & ECONOMIC GROUPS
TRADING BLOCS

What is a trading bloc?
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.…

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What are the disadvantages associated with membership of a trading bloc?
The benefits of free trade between countries in different blocs are lost.
· Trading blocs are likely to distort world trade, and reduce the beneficial effects of specialisation
and the exploitation of comparative advantage.
· Inefficient producers…

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How does the European Union `obstruct' trade from countries such as Ghana (Trade Trap video)




The World Trade Organisation (WTO)
Who / what is the WTO?
World Trade OrganisationThe organisation officially commenced on January 1, 1995 under the
Marrakech Agreement, replacing the General Agreement on Tariffs and Trade…

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· Basic principles make life more efficient.
· Governments are shielded from lobbying.
· The system encourages good governance.
Disadvantages of WTO:
· The WTO is fundamentally Undemocratic.
· Industrialized countries benefit more than poor countries.
· Try to monopolize all basic services.
· Developed countries have an…

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Positives and benefits achieved by the trading group for its members:
· NAFTA created the world's largest free trade area, linking 444 million people and producing $17
trillion in goods and services annually. Estimates are that NAFTA increases US GDP by as much as
0.5% a year, as…

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