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 Form 4 Geography online lessons on trade

General benefits of regional trading Blocs

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Answer Text:
General benefits of Regional Trading Blocs.
- They create a large market for goods to be bought and sold.
- They have helped to create harmony and cooperation among the member states.
- Reduction of tariffs makes the goods cheaper to the people in the regions.
- The expanded market for goods has promoted industrial development as the demand for goods increases.
- Availability of goods has promoted higher living standards among the people in the regions.
-Expansion of agriculture and industries has created employment opportunities.
- Inter-state trade has encouraged the development of transport and communications.
- The member states have put funds and resources in a common pool, in order to invest in joint development projects.
- Trade in the regions has boosted agricultural development as trade and industrial development depend on agricultural raw materials.
- Inter-state trade has reduced the reliance of countries in Africa on goods and services from other parts of the world.
- The presence of a common market has made it easier for goods to be readily available to the people of the regions.