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The MERCOSUR is one of the world’s fastest growing trading blocs with its four founding members generating 70% of South America’s GNP. The Mercado Comun del Cono Sur or Southern Common Market (MERCOSUR).As of 1 January 2008, all tariffs and quotas were removed on US exports to Mexico and Canada thereby making Canada and Mexico as the first and third largest merchandise trading partners for the US from 2008 to 2014. Among the three members, the US is the largest trading country.

The NAFTA also has two supplements: the North American Agreement on Environmental Cooperation (NAAEC) and the North American Agreement on Labor Cooperation (NAALC) these supplemental agreements aim to handle labor and environmental issues in the member states. This agreement further provides coverage to services, excluding aviation transport, maritime, and basic telecommunication.

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This agreement aims to eliminate trade and investment barriers among its member countries, promote a free trade environment, increase investment opportunities, and protect intellectual property rights. It was initially a bilateral trade agreement between Canada and the United States, but Mexico joined on 1 January 1994 thereby creating a trilateral trade bloc in North America. The NAFTA is the world’s largest free trade area and has a combined population and GNP greater than 15 EU member states.

The North American Free Trade Agreement (NAFTA).

Switzerland, an EFTA member state, is not a member of EEA, but has bilateral agreements with the EU. The 27 EU member states are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. However, they are required to abide by certain horizonal and flanking policies. They can also attain equal rights and obligations within the Internal Market without having to adopt certain EU policies–such as common agriculture and fisheries policies customs union common trade policy common foreign and security policy justice and home affairs harmonized taxation and the economic and monetary union. By cooperating and signing the EEA agreement, these three EFTA states are able to be part of the EU’s single market and benefit from free trade with the EU without having to apply for EU membership. This bloc is therefore primarily concerned with upholding the four fundamental pillars of the single market which are, the free movement of goods, people, services, and capital. This agreement creates the Internal Market, which integrates the 27 EU member states and three of the EFTA states–namely Iceland, Liechtenstein, and Norway–into one single market. In order to further strengthen trade and economic relations with its neighboring non-EU countries, the EEA was entered into force on 1 January 1994 through the European Economic Area Agreement. It is also the European Free Trade Association (EFTA)’s largest trading partner, as 70% of imported merchandise in EFTA countries comes from the EU.

The European Union (EU) is the world’s largest trading bloc and the second largest economy in the world. The list does not reflect any political opinion of the authors. When creating this list, we intended to display here those ten regional trading blocs with trade arrangements that have the biggest impact in world trade and the economic development of the region. This list of the world’s most prominent regional trading blocs contains information about the blocs’ significance in the global economy, foundations, objectives, member states, and key trade partners. These blocs consist of countries within a specific geographical boundary, which chose to cooperate with each other toward the goal of securing regional economic growth. The list below comprises ten major regional trading blocs in the world economy.