![]() The Hanseatic League of the late 12th Century was one of the earliest documented trade blocs. The most well-known examples of major trade blocs seen around the world today include the North American Free Trade Agreement (NAFTA), the Association of Southeast Asian Nations (ASEAN), the European Union (EU), the Southern Common Market (MERCOSUR), and the Southern African Development Community (SADC). To encourage trade among member states, tariffs, taxes, and other trade barriers among them are often reduced or abolished. The agreement is entered into as a means of protecting member nations from excessive imports of non-member nations. ![]() A trade bloc is a trade agreement among governments that are typically within a shared geographical region. ![]()
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