Definition, Meaning & Synonyms
trade-bloc
noun
/treɪd blɑk/
Definition
A trade-bloc is a group of countries that come together to promote trade and economic cooperation among themselves.
Examples
- The European Union is one of the most well-known trade-blocs in the world.
- NAFTA was a significant trade-bloc agreement between the United States, Canada, and Mexico.
- Many countries join trade-blocs to enhance their market access and economic growth.
Meaning
Trade-blocs often reduce or eliminate trade barriers such as tariffs and quotas, allowing for easier flow of goods and services between member countries.
Synonyms
- economic bloc
- trade alliance
- trade agreement
