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Question
What benefits do nations get by forming trading blocs?
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Solution
Countries with geographical proximity, similarity and complementarities in trading item form trading blocs. These develop as a response to failure of global organisation to speed up intra-regional trade.
The main benefits arising from trade blocs are:
- Increase intra-regional trade by removing trade tariffs within member nations.
- Have a greater say in international market as they have more power as trading bloc than as an individual nation.
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