Question

Explain the co-relationship between the following:

Economic interest and formation of Trade blocs.

Answer 1

1. When a number of countries reach unique economic accords, a trade bloc is created.
2. These accords are designed to safeguard and advance the interests of the bloc's members.
3. These agreements typically concentrate on lowering or eliminating trade restrictions, such as tariffs and quotas.
4. In 2006, the SAARC nations signed a free trade pact.