Impact of International Trading Blocs on International Trade (Essay Sample)

IMPACT OF INTERNATIONAL TRADING BLOCS ON INTERNATIONAL TRADE
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Impact of International Trading Blocs on International Trade
Introduction
International trading is a game of not only trust, but also loyalty and adherence to certain rules. Because of the dangers involved, each game has its own set of rules. These rules are established by the participants based on the game requirements (Sharma, 2017). These principles are also applied in international trade. This is achieved through trade blocs that define rules for free and fair international trade. International trade blocs are intergovernmental organizations that promote, regulate, monitor, and facilitate business and trade across national borders. These organizations include the European Union (EU), the North American Free Trade Agreement (NAFTA), the African Union (AU), Asia-Pacific Economic Cooperation (APEC), and others. International trade blocs have a significant impact on global trade. They are used to make decisions on foreign trade policies, boost trade, economic integration, expanded employment possibilities, open cross-border movement of goods, and so on.
Economic Integration
Trading blocs have often resulted in economic integration among nations. This is since they present united forums