In recent decades there have been fewer trade blocs established to promote regional economic integration. True False

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02-07-2021
Business

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In recent decades there have been fewer trade blocs established to promote regional economic integration. True False

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-07-07T03:20:22+02:00

Answer: False

Explanation:

Trade bloc refers to an intergovernmental agreement, whereby the barriers to trade are eliminated among the countries that are involved.

The statement that "in recent decades there have been fewer trade blocs established to promote regional economic integration" is false.

There has been an increase in trade blocs in recent decades such as Brazil, Russia, India, China, and South Africa(BRICS), North American Free Trade Agreement(NAFTA), Association of Southeast Asian Nations( ASEAN).

They all promote economic development.