Regional Trade Blocs have come up in order to encourage trade between countries with geographical proximity, similarity and complementarities in trading items and to curb restrictions on trade of the developing world. Today, 120 regional trade blocs generate 52% of the world trade. These trading blocs developed as a response to the failure of the global organizations to speed up intra-regional trade. Though these regional blocs remove trade tariffs within the member nations and encourage free trade in the future it could get increasingly difficult for free trade to take place between different trading blocs.

EUROPEAN UNION (EU)

● Headquartered at Brussels, Belgium, 

● EU consists of Austria, Belgium, Denmark, France, Finland, Ireland, Italy, Netherlands, Luxembourg, Portugal, Spain, Sweden and United Kingdom.

● The commodities traded by it include- Agro-products, minerals, chemicals, wood, paper, transport vehicles, optical instruments, clocks, antiques, etc. 

ORGANISATION OF PETROLEUM EXPORTING COUNTRIES (OPEC)

●  Headquarters at Vienna, Austria

● Member countries include Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuela.

● Commodity - crude oil.