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Regional Trade Blocs

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  • 1. Regional Trade Blocs Members:- Rabinarayan Gupta Rani Shikha Rajesh Singh Senger
  • 2. Regional Trade Blocs • Regional trade blocs are intergovernmental associations that manage and promote trade activities for specific regions of the world.
  • 3. Major Trade Blocs • EU (European Union ) • NAFTA (North American Free Trade Agreement) • MERCOSUR (Mercado Comun del Cono Sur, also known as Southern Common Markets (SCCM) • ASEAN (Association of Southeast Asian Nations) • SAARC (south Asian association for regional cooperation)
  • 4. European Union Objectives:- • Setting up a common market • Continuous & balanced expansion • Closer relations between the member states.
  • 5. ACTIVITIES OF EU • Elimination of custom duties, quantitative restrictions with regard to export & imports. • Establishment of a common custom tariff & commercial policy. • Abolition of all obstacles for movement of persons, services & capital. • Application of programmes in order to coordinate the economic policies.
  • 6. ASEAN • Established in 1992 • Total six members- Singapore, Brunei, Malaysia, Philippines, Thailand & Indonesia. • To establish a common effective preferential tariffs (CEPT) plan. • The CEPT allows for tariffs cut ranging from 0.50% to 20.00% beginning with 15 products. • In 1994, ASEAN countries formed AFTA in order to develop inter ASEAN trade.
  • 7. Objectives of AFTA • To encourage inflow of foreign investment into this region. • To establish free trade area in the member countries. • To reduce tariff of the products produced in ASEAN countries (40% value addition in the ASEAN countries to the product value is treated as manufactured in ASEAN countries).
  • 8. NAFTA • Initially bilateral trade between Canada & U.S. • NAFTA went into effect in 1994 after the joining of Mexico. • U.S.- Canada trade is the largest bilateral trade in the world. • The U.S. 1st Mexico’s & Canada largest trading partner. • NAFTA is a powerful trading bloc with a combined population and GNP greater than 15 member EU.
  • 9. Provisions of NAFTA • Duty-free market access. • Trade rules- safeguard, subsidies, countervailing & antidumping duties, health & safety standards. • Rules on trade in services & investment • Protection of intellectual property. • Dispute settlement mechanism.
  • 10. MERCOSUR • Established in 1991 by Brazil, Argentina, Paraguay, Uruguay. • These four members generate 70% GNP of south America. • By 1996, MERCOSUR had abolished tariffs on goods accounting for 90% of the trade between its members countries, with remaining tariffs to be abolished by 2000. • MERCOSUR & EU Signed a cooperation agreement to pave the way for a free trade accord in 2001.
  • 11. SAARC • Established in August 1983. • Members- India, Bangladesh, Bhutan, Pakistan, Srilanka The Maldives & Afghanistan
  • 12. Objectives of SAARC • To improve the quality of life & welfare of the people of the member countries. • To develop the region economically, socially & culturally • To provide the opportunity to the people of the region to live in dignity & to exploit their potentialities. • To enhance the mutual assistance among member countries in the areas of economic, social, cultural, scientific & technical field. • To enhance cooperation to other trade blocs.
  • 13. SAPTA • The council of ministers have signed the SAARC preferential trading arrangement agreement on April 11, 1993.
  • 14. Objectives of SAPTA • To gradually liberalize the trade among members of SAARC. • To eliminate trade barriers among SAARC countries & reduce or eliminate tariffs. • To promote and sustain mutual trade & economic cooperation among member countries.
  • 15. Thank You…