International trading blocks
Trading blocks are groups of countries that control how businesses can trade both within and from outside.
World Trade Organization (WTO)
The World Trade Organization is an organisation that is concerned with trading rules between countries. It implements a global system of trading rules and provides a forum for members to negotiate trading agreements and resolve any disputes.
Customs unions, common markets and free trade areas
There are also customs unions and common markets as well as free trade areas. These are a means for countries to come together to facilitate trade and each has distinctive characteristics.
Here are some examples:
Watch the video about trading blocks and make notes: