Trading blocs business

Define a trading bloc

A group of countries that come together to make agreements on trade

What’s a single market

An association of countries trading with eachother without restrictions or tariffs

Give an example of a single market

The European single market

What are the types of trading blocs

ASEAN and USMCA

What’s ASEAN

Association of southeast Asian nations includes 10 countries

What’s USMCA

The United States Mexico and Canada agreement

What’s a benefit of business being in a trading bloc

Access to more markets as there able to sell to more customers due to free movement of goods.

Infrastructure support from government

What’s drawbacks to business in a trading bloc

Increased competition for smaller business as they may not be able to compete with larger business

Regulations that business must follow

Retaliation