Trading Blocs (Free-trade associations) Regional trading blocs are intergovernmental associations that manage and promote trade activities for specific regions of the world. Also called free-trade associations – eliminate trade barriers between nations in trading bloc Examples of trading blocs: NAFTA – North American Free Trade Agreement EU – European Union ASEAN – Association of Southeast Asian Nations OPEC – Organization of the Petroleum Exporting Countries

Regional Trade Associations (Blocs)

NAFTA Includes U.S., Canada, and Mexico Implemented in 1994 Called to gradually eliminate all tariffs and trade barriers between U.S., Canada, and Mexico over a 15 year period Effects of NAFTA have been increased economic growth and productivity of all 3 nations Has helped American exporters to Mexico, but has caused job losses in some American industries hurt by imports from Mexico Color these countries Blue on your map.

EU Created in 1993 Includes 27 nations Shared currency for 15 nations – Euro Eliminates trade barriers between member nations the EU generates an estimated 30% share of the world's nominal gross domestic product Color these countries Green on your map.

Map of EU Member States Click on link to see map: http://en.wikipedia.org/wiki/European_Union#Member_states

ASEAN Includes 10 Asian nations – Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand, Cambodia, Laos, Myanmar, and Vietnam Established in 1992 Eliminated most tariffs in trading region. Nominal GDP of ASEAN was $1,073.9 billion in 2006. Color these nations Red on your map.

ASEAN

OPEC is a cartel of 13 oil and petroleum exporting countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Indonesia, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Established in 1965- hosts regular meetings among the oil ministers of its Member Countries. OPEC's influence on the market has been negatively criticized OPEC nations account for two-thirds of the world's oil reserves, and, as of March 2008, 35.6% of the world's oil production, affording them considerable control over the global market.

OPEC Click on link to view OPEC nations. http://www.opec.org/library/Annual%20Statistical%20Bulletin/interactive/2009/FileZ/worldmap.swf

World Trade Organization http://www.youtube.com/watch?v=27J3CByXKow&p=F2A3693D8481F442&feature=BF&index=38 the only global international organization dealing with the rules of trade between nations – established in 1995 Located in Geneva, Switzerland 153 member nations goal is to help producers of goods and services, exporters, and importers conduct international business.

http://www. youtube. com/watch http://www.youtube.com/watch?v=27J3CByXKow&p=F2A3693D8481F442&feature=BF&index=38 http://www.wto.org/english/thewto_e/thewto_e.htm