Which statement defines a regional trade bloc?

• A. All blocs of countries working together at any level of free trade agreement
• B. A single currency union
• C. A regional trade bloc is a group of countries that agrees to reduce or eliminate trade barriers among themselves
• D. A system of fixed exchange rates

Answer: (C)

Regional trade blocs are groups of countries that agree to reduce or eliminate trade barriers among themselves, making it easier to trade within the bloc. This typically involves lowering tariffs, removing quotas, and aligning some rules to promote freer movement of goods and services across member states, sometimes with a common external tariff. The idea is about regional cooperation to boost trade among the members, not about monetary arrangements or macro policy. The other options describe different types of economic arrangements (wide or global trade agreements, currency unions, or fixed exchange-rate systems) that do not define a regional trade bloc.