Trading Bloc
Group of countries encouraging free trade and economic integration through the reduction of trade barriers between them.
Trading blocs or high levels of economic integration in general provide a multitude of the benefits experienced in free trade in the long run. These are discussed below:
Trade Creation
Scenario where lower cost imports are replaced with higher cost imports or domestic production.
Country A initially imports laptops from Country C, where the price, including a 10% tariff, is $1,100. Meanwhile, laptops from Country B cost $1,200, making Country C the preferred trade partner. However, when Country A joins a trading bloc with Country B, tariffs on B’s goods are eliminated. This reduces the price of laptops from Country B to $1,000, making them cheaper than those from Country C. As a result, Country A switches its imports from Country C to Country B, increasing trade within the bloc and benefiting consumers with lower prices, while reducing exports for producers in Country C.
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