GENERAL KNOWLEDGE

Detailed explanation-1: -An economic union is a trading agreement wherein members eliminate trade barriers among themselves, adopt common external barriers, allow free import and export of resources, adopt a set of economic policies, and use one currency.

Detailed explanation-2: -NAFTA is such a bloc. Such agreements are designed to facilitate trade through the establishment of a free trade area customs union or customs market. This eliminates trade barriers between member countries while maintaining trade barriers with non-member countries.

Detailed explanation-3: -A regional trading bloc (RTB) is a co-operative union or group of countries within a specific geographical boundary. RTB protects its member nations within that region from imports from the non-members. Trading blocs are a special type of economic integration.

Detailed explanation-4: -A regional trading block is a group of countries within a geographical region that protect. themselves from imports from non-members. In general terms, regional trade blocks are. associations of nations at a governmental level to promote trade within the block and defend. its members against global competition.

Detailed explanation-5: -A free trade area is a group of countries that have agreed to mutually lower or eliminate trade barriers for trade within the area. This allows participating countries to benefit from reduced tariffs, while maintaining their existing protections for trade with countries outside of the area.