group of countries that agree to reduce trade barriers between them and promote free trade > increase economic globalisation
Explain how trade blocs affect international trade (6mks):
many TB regional > easier to trade with neighbours e.g. German exports to other EU countries is £700 bn compared to £500bn to outside EU
TB also based around specific indi e.g. some of oil-exports coutries e.g. Saudi Arabia are members of Organisation of the Petroleum Exporting Countries (OPEC) > aim to standardise prices and prevent countries undercutting with cheaper prices
Special Economic Zones (SEZ) > increase vol of trade w NEES and LICs
