The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. It is considered a trading bloc because:
Free Trade Area: The EU promotes free trade among its member countries by eliminating tariffs and other barriers to trade.
Common Market: It allows for the free movement of goods, services, capital, and people within the member states.
Economic and Political Integration: The EU adopts common policies on various matters, including trade, agriculture, and regional development, fostering economic and political integration among its members.
References
Baldwin, R., & Wyplosz, C. (2019). The Economics of European Integration. McGraw-Hill Education.
McCormick, J. (2020). Understanding the European Union: A Concise Introduction. Palgrave Macmillan.
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