Theme 4 - 1.5

Question 1

What is a trading bloc ?

Answer 1

An agreement between countries to reduce trade barriers.,

Question 2

What are the advantages to a trading bloc ?

Answer 2

• Access to larger markets.
• Free movement of goods and services between countries.
• Free movement of skilled labour.

Question 3

What are the disadvantages to a trading bloc ?

Answer 3

• Highly developed countries can dominate the market.
• It can kill of domestically owned businesses.
• Can reduce national sovereignty/identity (Mcdonaldisation)