WTO Ministerial Conferences . Advanced technology has been obtained at cheaper cost. . India is in a better position to get quick redressal from the trade disputes.
. The Indian exporters benefited from wider market information. Trade Blocks Some countries create business opportunities for themselves by integrating their economies in order to avoid unnecessary competition among them. Trade blocks cover different kinds of arrangements between or among countries for mutual benefit.
Economic integration takes the form of Free Trade Area, Customs Union, Common Market and Economic Union. A free trade area is the region encompassing a trade bloc whose member countries have signed a free-trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers. e.g.
SAFTA, EFTA. A customs union is defined as a type of trade block which is composed of a free trade area with no tariff among members and (zero tariffs among members) with a common external tariff. e.g. BENELUX (Belgium, Netherland and Luxumbuarg).
Common market is established through trade pacts. A group formed by countries within a geographical - - International Economic Organisations