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Fall 2013 smu mba solved assignments of SC0006 Q1. Write a note on any three trade blocks

AnswerSome of the popular trade blocs are:
European Union (EU)
·        North American Free Trade Agreement (NAFTA)
·        Association of Southeast Asian Nations (ASEAN)
·        Mercado Comun del Sur (MERCOSUR)
·        South Asian Association for Regional Cooperation (SAARC)
 European Union (EU)
The trade bloc EU, the world's largest trading bloc, is an economic and political partnership between 27 European countries. The member countries include Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden and United Kingdom. The Maastricht Treaty gave birth to the EU in the year 1992. It included considerations for joint policies in regard to military defence, citizenship and trade.

North American Free Trade Agreement (NAFTA)
NAFTA trade bloc was a free trade agreement between the United States and Canada formed during 1980s and came into effect on January 1, 1989. Later, in 1995, Mexico joined NAFTA. It adopted the same economic integration policy of European Union but without complete economic integration of the three nations. That is, the U.S., Canada and Mexico created a common market where taxes, tariffs and other trade barriers were substantially reduced or eliminated to allow free flow of goods and services across the border.

The U.S. and Canada which share the world's longest undefended border enjoy the special trade relations that NAFTA provided. Each nation has been the other's largest trading partner. Similar to this, many U.S. companies have heavily invested in U.S. owned manufacturing plants along the Mexican-U.S. border. NAFTA has helped U.S. and Canada to freely trade and share many technical standards for developing similar logistics infrastructure and create market similarities in both the countries. Mexico with the help of U.S. firms is able to develop its infrastructure to meet the standards of the U.S.-Canadian logistics systems.
Association of Southeast Asian Nations (ASEAN)

On 8 August 1967, the ASEAN was established in Bangkok. The countries which first signed the ASEAN declaration or Bangkok declaration for the formation of ASEAN are Indonesia, Malaysia, Philippines, Singapore and Thailand. Later Brunei Darussalam, Vietnam, Laos, Myanmar and Cambodia joined ASEAN. The bloc aims at strengthening and developing social, cultural and technical capabilities of the member nations to achieve economical stability in the region.

The bloc also aims to improve the transportation and communications facilities. This is mainly to boost the trade in the region and to form trade partnership with other trading blocs and global market.

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