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Explain the Reasons for the Formation of Different Global Groupings

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Submitted By dorgge
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Some countries have formed trade blocs which are different to economic groupings in the following ways, To trade freely, agreements have to be drawn up that allow national boundaries to be crossed by flows of goods, money and sometimes workers. National laws have to be amended, which is why these can be described as political groupings. An advantage of trade blocs is Knowing that they have free access to each other's markets, members are encouraged to specialise. This means that, at the regional The benefits of free trade between countries in different blocs is lost.The benefits of free trade between countries in different blocs is lost.level, there is a wider application of the principle of comparative advantage. However causes the benefits of free trade between countries in different blocs is lost. Reasons for being in a trade bloc is Trade blocs bring greater economic strength and security to the nations that join them. This easy to do trade removes internal tariffs that include import or export tax. Trade blocs also protect the members by establishing external tariffs for foreign importers. The EU has gone further and has a currency and some shared legislations.

Countries are organised by wealth and power in this type of grouping. Some of these groupings are used by world known organisations such as the United Nations. There are several types of categories in economic groupings which sometimes overlap each other.in the european union an advantage is Low prices of goods, there exists a ‘Single Market’ for all member countries wherein products are low-priced and there are no charges when it comes to custom tax; custom tax is usually charged when goods are transported or sold between states/countries but this is not applied among member countries. However It is costly to be a member of the EU, from different parties claim that the cost ranges from £300 to £873....

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