Give information on the growing importance of the Regional Trade Blocs in International trade with special reference to the European Union (EU) and the Oil Producing and Exporting Countries (OPEC).

A Regional Trade Bloc is an agreement between the participating states which liberalises the trading formalities. It facilitates fast and smoother trading among the member nations or states or regions.

The significance of these Regional Trade blocs are as follows:

a. These trade blocs help in speeding up the intraregional trade.

b. Regional Trade blocs account for nearly 52 percent of the world trade activities.

c. Free trade enabled between the different trading blocs helps in the removal of the barriers of trade.

European Union (EU):

European Union consists of countries like Belgium, Austria, Denmark, Finland, France, Italy, Luxembourg, Netherlands, United Kingdom, Spain and Portugal and has its headquarters at Brussels in Belgium.

Minerals, chemicals, wood, optical instruments, paper, agro-products and antiques etc., are some of the commodities that are traded.

Oil Producing and Exporting Countries (OPEC):

OPEC consists of Indonesia, Iran, Iraq, Qatar, Nigeria, Saudi Arabia, Libya, UAE and Venezuela and is headquartered at Vienna, Austria. Crude oil is mainly traded among these OPEC.

Thus, the Regional Trade blocs smoothen the trade process among its member countries.