Where there are just two parties to a trade agreement it is known as a bilateral trade agreement (BTA). They are therefore sometimes known as regional trade agreements (RGA). Trading blocs are usually comprised of countries which are geographically close to each other. This involves the partial or complete elimination of trade barriers. Trading Blocs and the World Trade Organisation (WTO) What is a trading bloc?Ī trading bloc is a group of countries which have preferential trading arrangements between members.
Equilibrium Levels of Real National Output.The Benefits and Costs of Economic Growth.The Characteristics of Aggregate Demand.The UK Economy - Performance and Policies.Positive and Normative Economic Statements.Alternative Views of Consumer Behaviour.
Free Market Economies, Mixed Economy and Command Economy.Price, Income & Cross Elasticities of Demand.Specialisation and the Division of Labour.Introduction to Markets and Market Failure.Wage Determination in Competitive and Non-competitive Markets.Business Behaviour and the Labour Market.Factors Influencing Growth and Development.Macroeconomic Policies in a Global Context.Trading Blocs and the World Trade Organisation (WTO).Strategies Influencing Growth and Development.