Project Trade Blocs
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- TRADE BLOCKS AND FREE TRADE AGREEMENTS
- Trade Blocs
A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where regional barriers to trade (tariffs and non-tariff barriers) are reduced or eliminated among the participating states.
- TYPES OF TRADE BLOCs
- List of Trade Blocs
- List of Trade Blocs
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the BAGHDAD CONFERENCE on September 1014, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members:
Socialist Peoples Libyan Arab Jamahiriya
United Arab Emirates
HEADQUARTERS : Vienna
To co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers
An efficient, economic and regular supply of petroleum to consuming nations
To ensure a fair return on capital to those investing in the industry.
- Functions of OPEC
Review the status of the international oil market and the forecasts for the future in order to agree upon appropriate actions which will promote Price stability in the oil market.
Decisions about matching oil production to expected demand are taken at the Meeting of the OPEC Conference.
Provides research and administrative support to the Secretariat body who disseminates news and information to the World at large.
- European committee (EC)
The European Economic Community (EEC) (also referred to European Community, or the Common Market) was an international organization that existed between 1958 and 1993 which was created to bring about economic integration (including a single market) between Belgium, France, Germany, Italy, Luxembourg and the Netherlands.
To ensure the economic and social progress of their countries by common action to eliminate the barriers which divide Europe
Recognizing that the removal of existing obstacles calls for concerted action in order to guarantee steady expansion, balanced trade and fair competition
- European committee (EC)
To strengthen the unity of their economies and to ensure their harmonious development by reducing the differences existing between the various regions and the backwardness of the less-favored regions
Intending to confirm the solidarity which binds Europe and the overseas countries and desiring to ensure the development of their prosperity
Resolved by thus pooling their resources to preserve and strengthen peace and liberty
NAFTA is an agreement signed by the governments of the United States, Canada, and Mexico creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994.
In terms of combined purchasing power parity GDP of its members, as of 2007[update] the trade block is the largest in the world.
This agreement will remove most barriers to trade and investment among the United States, Canada, and Mexico.
Under the NAFTA, all non-tariff barriers to agricultural trade between the United States and Mexico were eliminated. In addition, many tariffs were eliminated immediately, with others being phased out over periods of 5 to 15 years. This allowed for an orderly adjustment to free trade with Mexico, with full implementation beginning January 1, 2008.
Benefits of NAFTA
Established in 1964, UNCTAD promotes the development-friendly integration of developing countries into the world economy.
UNCTAD has progressively evolved into an authoritative knowledge-based institution whose work aims to help shape current policy debates and thinking on development, with a particular focus on ensuring that domestic policies and international action are mutually supportive in bringing about sustainable development.
The organization works to fulfill this mandate by carrying out three key functions:
Forum for intergovernmental deliberations
Research, policy analysis and data collection
Brief overview of activities:
- Free Trade Agreement
Sovereign nations join together, usually on a regional scale, to create free trade agreements.
Free trade agreements are created to lower trade barriers and to stimulate trade between member countries. Member countries belonging to the free trade area trade freely with each other while maintaining trade barriers and tariffs for non-member countries.
- List of Free trade agreements
- Asia-Pacific Trade Agreement (APTA)
- ASEAN Free Trade Area (AFTA)
- ASEAN Plus Three
- ASEAN-Australia-New Zealand Free Trade Area (AANZFTA)
- African Free Trade Zone (AFTZ)
- Caribbean Community (CARICOM)
- Central European Free Trade Agreement (CEFTA)
- Dominican Republic Central America Free Trade Agreement (DR-CAFTA)
- North American Free Trade Agreement (NAFTA)
- South Asia Free Trade Agreement (SAFTA)
- Latin American Integration Association (ALADI)
- European Economic Area (EEA)
- Commonwealth of Independent States Free Trade Agreement (CISFTA)
- Economic Community of West African States (ECOWAS)