A trade bloc is a group of countries that have signed agreements to reduce or eliminate trade barriers among themselves. Trade blocs range from free trade areas to full economic unions and are a defining feature of modern international trade.
What Is a Trade Bloc? A trade bloc is a group of countries that have agreed to reduce or eliminate trade barriers — tariffs, quotas, and other restrictions — on trade among themselves. Trade blocs are a form of regional economic integration and are one of the most important features of the modern global trading system. Members of a trade bloc retain their sovereignty but agree to coordinate trade policy to varying degrees. Key Takeaways A trade bloc is a group of countries that reduce or elimina