Question : Formalised system of trading agreements with groups of countries is known as
Option 1: Trading blocks
Option 2: Trade ventures
Option 3: Trade partners
Option 4: Trade organisations
Correct Answer: Trading blocks
Solution : The Correct Answer is Trading blocks
Trading blocs are merely associations of nations that set the rules for international commerce. An example of an intergovernmental agreement is a trade bloc, which is frequently a component of a regional intergovernmental organization. In a trade bloc, trade restrictions (such as tariffs and others) are reduced or removed among the participating states. These blocs promote trade and investment within their own regions, which helps the economy grow and develop
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