What's it: The Eurozone is an area of the European Union (EU) that adopts the Euro as its official currency. Of the 28 EU members, nineteen of them adopted the Euro as their currency, namely France, Germany, Austria, Belgium, Cyprus, Estonia,
Trade Blocs
Common Market: Examples, Characteristics, Pros, Cons
What's it: Common market is economic integration in which each member countries apply uniform external tariffs and eliminate trade barriers for goods, services, and factors of production between them. It is a more advanced economic integration
Trade Blocs: Meaning, Types, Pros, and Cons
What's it: A trade bloc is a group of countries joined together through a trade agreement. Typically, this involves countries in a particular region, for example, the ASEAN Economic Community in Southeast Asia, the European Union in Europe, and NAFTA
Free Trade Area: Meaning, Examples, Advantages, and Disadvantages
What's it: A free trade area is a regional economic integration in which members remove barriers to trade in goods between them. However, each member has different policies when trading with non-member countries. The free trade area is the
Economic Union: Meaning, Features, Goals, Examples, Pros, and Cons
What's it: An economic union is a form of regional economic integration in which goods, services, and factors flow freely between member countries. Plus, members also integrate economic policy. It is a more advanced form of the common
Customs Union: Meaning, Features, Advantages, And Disadvantages
What's it: A customs union is an agreement between two or more neighboring countries to remove barriers to trade between them and to set uniform tariffs with non-member countries. It is the second stage of regional economic