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International Trade
Question
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Describe European Union, OPEC and ASEAN as a regional trade block.

Answer

1. European Union (E.U.): Originally it was founded in 1957 by six members - Italy, France, West Germany, Belgium, the Netherlands and Luxemburg. It was called The European Economic Community (EEC). Later it expanded to include most of western Europe. The EEC changed into European Union (E.U.) in 1995. A common currency, the euro was launched in 1999. With 400 million people, the EU is the largest single market in the world.


2. OPEC (Organisation of Petroleum Exporting Countries): The 13 member countries of OPEC are Algeria, Ecuador, Gabon, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

3. ASEAN: The Association of South East Asian Nations was formed in 1967. Indonesia, Malaysia, Thailand, Philippines and Singapore are its members. ASEAN helps its members by presenting a joint negotiating stance when dealing with Japan, EU and Australia and New Zealand. India has now become as associate member of it.

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