major trading blocs around world and trade role

major trading blocs around world

With international trade such a huge part of the world’s economies, organizations that establish trading rules, resolve disputes, and promote trade play an important role in global business.

In an effort to ensure equitable trading practices and iron out the inevitable disagreements over what is fair and what isn’t, governments around the world have established a number of important agreements and organizations that address trading issues, including the WTO, IMF, and World Bank.

As the economies of the world become increasingly linked, many countries have formed powerful regional trading blocs that trade freely with one another but place restrictions on trade with other countries and blocs.