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Apart from the global trading agreements, there are many regional trading blocs designed for reducing protectionism and fostering world trade. Some of the trade blocs in the world are as follows:
1. European Free Trade Association (EFTA)
Countries such as United Kingdom, Austria, Denmark, Norway, Sweden, Portugal and Switzerland joined for a better trade in the region in the year 1960. Under this EFTA group they abolished all types of protectionism. In the year 1972 both UK and Denmark abandoned their membership.
2. North American Free Trade Agreement (NAFTA)
NAFTA was started in the year 1988 with US-Canada free trade agreement. This was further extended to include Mexico in 1994. NAFTA presently has extended to the Latin American Countries.
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3. Organization of Petroleum Exporting Countries (OPEC)
This was made by the petroleum producing countries in the year 1960.The member countries of this group are Algeria, Ecuador, Gabon, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
4. Association of South East Asian Nations (ASEAN)
The member countries of ASEAN are Indonesia, Malaysia, Thailand, Philippines and Singapore. This was formed in the year 1967. India is an associate member in the group.
5. South Asian Association For Regional Cooperation (SAARC)
Countries such as India, Bangladesh, Pakistan, Nepal, Bhutan, Maldives and Sri Lanka have formed SAARC with an objective of making better trade in the region.
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