Trading blocs and their influence on the globalisation of the Essay

Trading blocs and their influence on the globalisation of the marketing strategies - Essay typeThe global stage 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, operative either at national or regional levels. In Europe alone, there are iii trading blocs, namely European Union, European Free Trade Association and Eurasian Economic Community. However, clientele bloc of the European Union is the only one to have the United Kingdom as its part (Floyd, 2001). The world trade is being increasingly dominated by the concept of trade blocs in modern 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 first decade of 21st century. NAFTA is some other such trade bloc, which promotes trade relations between the USA and Canad a (Oh and Suh, 2003). All major trade blocs that hold up in the contemporary 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 imported goods . Trade blocs have a very important role to play in stinting 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 modify technological innovation and raising the level of production.