Maharashtra State BoardHSC Arts 11th
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What is a trade bloc? - Political Science

Answer in Brief

What is a trade bloc?

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Solution

A trade bloc is created when a group of nations make special agreements regarding their economic relationships with each other. The agreements generally focus on the relaxation or even elimination of trade barriers. The most common types of trade barriers are tariffs (taxes on imports) and quotas (limits or the quantities of various imports).

Concept: Phase 1972 to 1979 (Détente)
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Balbharati Political Science 11th Standard Maharashtra State Board
Chapter 10 The world since 1945 - 2
Exercise | Q 5.2 | Page 92
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