Trading blocs and their influence on the globalisation of the Essay

Trading blocs and their influence on the globalisation of the marketing strategies - Essay ExampleThe global be is dominated by the presence of a large number of trading blocs for a number of countries and regions. There are about 30 trading blocs globally across various continents, working either at national or regional levels. In Europe alone, there are three trading blocs, viz. European Union, European Free Trade Association and Eurasian Economic Community. However, trade bloc of the European Union is the only one to have the unify Kingdom as its member (Floyd, 2001). The world trade is being increasingly dominated by the concept of trade blocs in recent times. This can be clearly exemplified by taking the case of the European Union. Initially, this had only six countries as its members during inception in 1940s, but had 28 countries by end of the archetypical decade of 21st century. NAFTA is another such trade bloc, which promotes trade relations between the USA and Canada (O h and Suh, 2003). All major trade blocs that exist in the coeval world, like, ASEAN, NAFTA and European Union, have a common objective. The countries that are outside the trading blocs do not enjoy benefits of lower tariff and custom duties on merchandise goods . Trade blocs have a very important role to play in economic development of a country, primarily because economic progress of a country can be directly related to amount of trade conducted by that country. This is because trade brings new opportunities to a country by opening up its markets, bringing in improved technological innovation and raising the level of production.