A type of industrial competition in which the countries within a group cooperate through trade and compete against the other two groups.

ECONOMIC DEVELOPMENT

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Export-Processing Zone (EPZ)
B	Offshoring
C	Outsourcing
D	Trading bloc

Explanation:

Detailed explanation-1: -Three important examples of trading blocs are: NAFTA (North American Free Trade Agreement)/USMCA (US-Mexico-Canada Agreement) – This agreement, which took effect in 1994, promotes trade between the United States, Mexico and Canada. A new version with updated terms was signed by the United States in 2020.

Detailed explanation-2: -Trade blocs are groups of nations that have common or similar trade policies. European Union is a prominent example of a trade bloc. Association of Southeast Asian Nations or ASEAN is another major trade bloc in the world.

Detailed explanation-3: -A trading bloc is a group of countries that work together to provide special deals for trading. This promotes trade between specific countries within the bloc. The European Union (EU) is an example of a trading bloc.

Detailed explanation-4: -Preferential trading area. Free trade area. Customs union. Common market. Economic union. 13-Apr-2022

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

ECONOMIC DEVELOPMENT