Regional Economic Organizations

Definition

These are international organizations composed of nations from specific regions around the world. Their goal is often economic integration through trade liberalization, investment cooperation, or common currency.

Analogy

Imagine if all your neighborhood friends decided to pool their resources together - toys, books, video games - so everyone could have access when needed. That's what regional economic organizations do but with countries' resources like goods and services instead!

Related terms

North American Free Trade Agreement (NAFTA): An agreement signed by Canada, Mexico, and the United States creating a trilateral trade bloc in North America.

Association of Southeast Asian Nations (ASEAN): A regional intergovernmental organization comprising ten countries in Southeast Asia, which promotes intergovernmental cooperation and facilitates economic integration amongst its members.

Mercosur: A South American trade bloc established by Argentina, Brazil, Paraguay, and Uruguay.