MGOs operate across different states. Some examples are
Most MGOs focus on enhancing trade and interactions, yet some may practice protectionism.
Real-World Example: The EU, established by multiple European countries, focuses on promoting economic cooperation and integration.
Trading blocs are groups of countries that have agreements to allow free trade between member countries and impose tariffs on non-members.
Examples of trading blocs include: EU, Association of South East Asian Nations (ASEAN), NAFTA, Union of South American Nations (UNASUR).
There are four levels of trading blocs:
Real-World Example: The EU started as a common market when the UK joined in 1973. It gradually integrated and became the European Union in 1993. However, in 2016, the UK voted to leave the EU.
NAFTA was signed in 1994 between the USA, Canada, and Mexico, creating one of the world's largest free trade zones. Its goals were to eliminate trade barriers, promote economic competition, and increase investment opportunities.
However, there has been criticism, including job losses due to low-cost labor in Mexico and environmental concerns due to lax enforcement of environmental laws in Mexico.
Dive deeper and gain exclusive access to premium files of Geography HL. Subscribe now and get closer to that 45 🌟
MGOs operate across different states. Some examples are
Most MGOs focus on enhancing trade and interactions, yet some may practice protectionism.
Real-World Example: The EU, established by multiple European countries, focuses on promoting economic cooperation and integration.
Trading blocs are groups of countries that have agreements to allow free trade between member countries and impose tariffs on non-members.
Examples of trading blocs include: EU, Association of South East Asian Nations (ASEAN), NAFTA, Union of South American Nations (UNASUR).
There are four levels of trading blocs:
Real-World Example: The EU started as a common market when the UK joined in 1973. It gradually integrated and became the European Union in 1993. However, in 2016, the UK voted to leave the EU.
NAFTA was signed in 1994 between the USA, Canada, and Mexico, creating one of the world's largest free trade zones. Its goals were to eliminate trade barriers, promote economic competition, and increase investment opportunities.
However, there has been criticism, including job losses due to low-cost labor in Mexico and environmental concerns due to lax enforcement of environmental laws in Mexico.
Dive deeper and gain exclusive access to premium files of Geography HL. Subscribe now and get closer to that 45 🌟
AI Assist
Expand