Intra-regional trade
Definition
Intra-regional trade refers to exchange of goods, services, and capital among countries in the same region.
Analogy
Imagine your neighborhood having a big garage sale where everyone sells items they no longer need and buys things they want from each other. That's intra-regional trade - trading happening within one specific area or 'region'.
Related terms
Inter-regional Trade: This term refers to trade between different regions or countries.
Trade Blocs: These are agreements among several countries in a geographical region to reduce or eliminate barriers to trade.
Free Trade Area: A group of countries that have agreed to eliminate tariffs, quotas and preferences on most goods between them.
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