The North Atlantic Free Trade Agreement is an example of a regional economic bloc.
What is The North Atlantic Free Trade Agreement?
In order to promote trade between the United States, Mexico, and Canada, the North American Free Trade Agreement (NAFTA) was put into effect in 1994. NAFTA decreased or eliminated import and export duties among the three signatory nations, establishing a sizable free-trade area.
What is an economic bloc?
An economic bloc is a group of nations that trade internationally and are typically linked through a free trade agreement or other cooperation.
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