Question

What are trade blocs?

• A. Trade blocs are groups of nations that have trade relations with each other.
• B. Trade blocs are a block of nations that have trade relations only with each other.
• C. Trade blocs are groups of nations that have common or similar trade policies.
• D. Trade blocs are groups of nations that have trade relations with each other but differ in their trade policies.

Answer 1

The correct option is C Trade blocs are groups of nations that have common or similar trade policies.

Trade blocs are groups of nations that have common or similar trade policies. European Union is a prominent example of a trade bloc. Association of Southeast Asian Nations or ASEAN is another major trade bloc in the world. India has trade relations with both these trade blocs.