Trading Blocs Performance Final

The European Union

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What is a Trading bloc?

A type of intergovernmental agreement, where regional barriers to trade (tariffs and non-tariff barriers) are reduced or eliminated among the participating states

Where is the EU located

The EU is located in Brussels (Belgium), Luxemburg and Strasbourg

What is the EU's motto

"United in diversity"

First came to use in 2000 and signifies how Europeans have come together in the form of the EU to work for peace and prosperity, while at the same time being enriched by the continent's many different cultures, traditions, and languages

How many states are located in the EU?

There are at this time 28 states/nations that are included in the EU

Are there any objectives when speaking of the EU?

-1st and most important EU objective was the establishment of a common market

-the promotion of peace and well-being of the Unions citizens

-an area of freedom, security, and justice without internal frontiers

-sustainable development based on balanced economic growth and social justice

-a social market economy--highly competitive and aiming at full employment and social progress

-a free single market

What is the currency used in their trade

The European Union uses the Euro

Recent GDP

nominal GDP- euro 14.303 trillion (US $18.451 trillion)

Creation of the EU

The EU was created November 1, 1993

Why was the EU created?

Aftermath of the 2nd World War

Current events?

No current events were found for the EU

Synthesis

I believe that trading blocs have a negative impact on the global economy. When trading one side is always getting the short end of the stick while the is still making money rather than losing it. Due to this I believe that different trade blocs try to limit their imports and/or exports to save money rather than lose it.