A trade bloc is a group of countries that agree to make trade between them easier than trade with everyone else.
Fewer taxes at the border
The simplest blocs cut or remove tariffs on goods moving between members.
Shared rules
Deeper blocs also agree common standards, so a product approved in one member can be sold in the others.
What members give up
Joining usually means accepting rules made jointly, and sometimes a common tariff towards non-members.
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- 1 Sample source: background reference
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- 3 Sample source: explainer from another publisher (facts only)
