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West African Economic and Monetary Union/Union Economique et Monétaire Ouest Africaine (UEMOA): Ivory Cost, Burkina Faso, Niger, Togo, Senegal, Benin, Mali and Guinea-Bissau.ħ. Southern African Development Community (SADC): Angola, Botswana, Comoros, Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Tanzania, Zambia and Zimbabwe.Ħ. Mercosur: Brazil, Argentina, Paraguay and Uruguay (Chile is an associate), 4 member countries.ĥ. Formerly, the UK was a member of the association but from 31 January 2020 the UK is no longer an EU member country.Ĥ. European Union (EU): Austria, Germany, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France,, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
#Trade blocs free#
European Free Trade Association (EFTA): Norway, Switzerland, Iceland and Liechtenstein, 4 member countries.ģ. North American Free Trade Agreement (NAFTA): US, Canada and Mexico, 3 member countries from January 1, 1994.Ģ.Some are discussed in short including their member countries, for example: There are number of popular regional trade blocks (or trade blocs). Regional Trade Blocs The Most Popular Regional Trade Blocs in The World The European Union has economic union as an aim. There is free movement of all factors of production. Common markets – in effect, the members become one trading area.
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Tariffs, taxes and duties are harmonized amongst members.ģ. C ustoms unions – these agree a common policy on barriers to external countries. Free trade areas – members in these arrangements agree to lower barriers to trade amongst themselves.Ģ.