Regional Trading Blocs

By:-
KUSHAGRA SHARMA
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 European Union…
► Known As:
 European Union
 European Economic Community
 European Common Market

► Most successful regional economic

integration schemes.

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 EU…
► Came into existence in January 1, 1958 by
the virtue of Treaty of Rome, 1957.

► Originallycomprised nations were, Belgium,

France, Federal Republic of Germany, Italy,
Luxembourg & Netherlands.

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► TheTreaty of Rome required every member
country to:
 Eliminate tariffs, quotas & other barriers
 Develop a common internal tariff
 Free flow of factors of production
 Harmonizing monetary & taxation policies
 Adopting a common policy of agriculture,
transport & competition in industry.

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 Expansion…
► 1973: inclusion of United Kingdom,
Denmark & Ireland
► 1981: Greece
► 1986 January 1: Spain & Portugal
► Austria, Finland & Sweden joined later in
1995.
► Now total membership rose to 15

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 Expansion…
► Increase in membership from 15 to 25:
 Estonia
 Latvia
 Lithuania
 Poland
 Czech Republic
 Slovak Republic
 Hungary
 Slovenia
 Cyprus
 Malta
► Bulgaria & Romania in 2007.

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 Indo-EU Trade…
► EU as a single unit is India’s largest trading partner.
► Within EU India’s largest trading partners are UK,
Germany, Belgium & France.
► Primary Exports to EU are: Textile, Jute, Leather & Leather
goods, polished Diamonds, Engineering goods, Marine
Products, Chemicals, etc.
► Primary Imports are: Edible oil, dairy products, optical
instruments, capital goods, aluminum & copper products,
synthetic rubber, photo & cinematographic goods, etc.
► India also gets technology, investment & development aid
from EU Countries.

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