A large area of free trade, formed through tariff, tax, or trade agreements, such as the EU. Buckley et al. (2007) World Econ. 30, 2, examine the link between globalization and the growth of trade blocs, and Glebe (2006) Technische U. München, Env. Econ. & Ag. Policy Gp, Discuss. Paper 022006, analyses the way the enlargement of a trade bloc will affect national welfare. See also bloc.
Subjects: Earth Sciences and Geography.