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Question
Explain the co-relationship between the following:
Economic interest and formation of Trade blocs.
Explain
Solution
- When a number of countries reach unique economic accords, a trade bloc is created.
- These accords are designed to safeguard and advance the interests of the bloc's members.
- These agreements typically concentrate on lowering or eliminating trade restrictions, such as tariffs and quotas.
- In 2006, the SAARC nations signed a free trade pact.
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