Groupings of Nations and linked Trade

Trade Bloc - a group of countries that share trade areements between each other.

Free trade areas - members abolish tariffs and quotas on trade between themselves but maintain independent restrictions on imports from non-member countries. ie. NAFTA.

Customs unions - besides free trade between member nations, all members are obliged to operate a common external tariff on imports from non-member countries. ie. Mercosur (1995) joins Brazil, Paraguay, Uruguay and Argentina in a single market.

Common Markets - customs unions…