Trade blocs
Blocs differ in depth: a free trade area drops internal tariffs; a customs union adds a common external tariff; an economic union can share a currency.
About: Trade blocs
Blocs differ in depth: a free trade area drops internal tariffs; a customs union adds a common external tariff; an economic union can share a currency.
Worked examples
Who are the founding members of Mercosur?
Answer: Brazil, Argentina, Paraguay and Uruguay. The four signed the Treaty of Asunción in 1991.
What common currency is used by part of the EU?
Answer: Euro. Not all EU members use the euro; those that do form the eurozone.
Which country joined in 2010–2011, adding the "S" to BRICS?
Answer: South Africa. The group began as BRIC (Brazil, Russia, India, China); South Africa joined later.