Eliminating Existing Trade Barriers that Affects Member States Essay

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Nqnz10

Business Finance

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Written Document Instructions

  • Choose a regional trade agreement from the many around the world (EU, MERCOSUR, CAN, NAFTA, GCC, SACU, CACM, DR-CAFTA-US, SAARC, CARICOM, ASEAN, SAARC, Arab League, African Union).
    Identify the kind of trading bloc (customs union, free trade area, common market, monetary union, etc.) and its purposes.
  • Briefly discuss the history/timeline of the trading bloc, full member states, associate member states and observer states.
  • Describe the organizational structure of the bloc and the functions. List the current leaders. 
  • Discuss the latest balance of trade indicators such as GDP per capita, exports, imports, etc. How is the trading bloc doing in terms of growth?  Helpful resource: https://wits.worldbank.org/countrystats.aspx 
  • Discuss current issues/challenges facing the bloc, and the more likely outcome.
  • Discuss the impact that membership in the trading bloc has had on the economy of one member nation.

Explanation & Answer:
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Explanation & Answer

Attached.

Running head: EUROPEAN UNION

1

European Union
Institution Affiliation
Date

EUROPEAN UNION

2
Introduction

A trading bloc is a form of an intergovernmental agreement that works to eliminate the
existing trade barriers that affect the member states. Examples of those barriers of trade that are
eliminated by the trading blocs include tariffs and other duties that inhibit the processes of trade.
Currently, in the world, there exist several trading blocs that have different member states where
through their reconciliation can conduct trading activities peacefully. Examples of some trading
blocs include the European Union (EU), the Arab League, and the African Union (AU) among
others which are found in the different continents. There have been exemplary developments and
increase in economies in the world as a result of the activities done by the trading blocs.
European Union Trading Bloc
EU functions on two fronts whereby it works as both a monetary body and a trade union.
The European Union has 28 member countries who have joined the union to date. Examples of the
member states of the union include England, Spain, Germany, Italy, France, Poland, Sweden, and
Croatia among others. Since the inception of the European Union in 1957, it has been at the
forefront of fighting for a better and conducive trading environment (Egger, 2015). This main
mission has, in a way, bore some fruits because the member's countries enjoy free movements of
goods across the borders with minimal restrictions.
It is also worth noting that despite the minimal supervision, some cases like those of drug
or human trafficking are also considered. The European Union expects its members to sign the
union chapter that contains the different laws and restrictions that govern them. In case one
member violates the rules, there are different consequences that they are likely to ace and that are
written in the union’s chapter (Summers, 2019). Many of the members of the European Union are
considered to belong to the first world or developed countries due to the adva...


Anonymous
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