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Free trade blocs are regional agreements between countries that aim to reduce or eliminate trade barriers, such as tariffs and quotas, to facilitate the free exchange of goods and services. These blocs encourage economic cooperation and integration among member states, leading to increased trade efficiency and competitiveness. Examples include the European Union (EU), the North American Free Trade Agreement (NAFTA), and the Association of Southeast Asian Nations (ASEAN) Free Trade Area. By promoting trade among members, free trade blocs can enhance economic growth and foster political relationships.

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4d ago

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