Babu Ki FD: Tricks to remember Important Trade Blocs and their Member Countries

Important Member Nations: Their Capital, Currency and Presidents.

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Trade Blocs

In the following post we would cover various Regional, Economic and Trade Blocs. We would first cover those blocs in this post that are of a strategic importance to India and play a vital role in the economic and political development of our country.

Let’s first understand what is a Regional Trade Bloc?

A Regional Trade Bloc is an association of nations at a governmental level to promote trade within the bloc and defend its members against global competition. Defense against global competition is obtained through established tariffs on goods produced by member states, import quotas, government subsidies, onerous bureaucratic import processes, and technical and other non-tariff barriers.

Since trade is not an isolated activity, member states within regional blocs also cooperate in economic, political, security, climatic, and other issues affecting the region.

SAARC: (8 member countries)

  • Full form: South Asian Association of Regional Cooperation
  • HQ: Kathmandu
  • The 19th SAARC Summit is scheduled at Islamabad, Murree, Pakistan on 9th and 10th November 2016

Here’s how we remember the member countries:

SBI MAiNs in Patna, Bihar

The capital letters highlighted in red are the names of the countries namely:Trade Blocs

BRICS: (5 countries)

  • BRICS itself is an acronym to remember the countries
  • The 8th BRICS Summit is scheduled in Panaji, Goa, India on 15th and 16th October 2016

Trade Blocs Tricks

ASEAN: (10 member countries)

  • Full Form: Association of South East Asian Nations
  • HQ: Jakarta, Indonesia
  • The 29th ASEAN Summit is scheduled in Laos in October/November

Here’s how we remember the member countries:

BCcI ne May Me Telangana me PSLV launch kiya

The capital letters highlighted in red are the names of the countries namely:Trade Blocs Tricks 2

BIMSTEC: (7 member countries)

  • Full Form: Bay of Bengal initiative for multi-sectoral technical and economic cooperation
  • HQ: Dhaka
  • Chairmanship (since 2014): Nepal

Here’s how we remember the member countries:

Reaching BomBay in 5 MINuTeSTrade Blocs Tricks 3

SCO: (6 member countries)

  • Full Form: Shanghai Cooperation Organisation
  • HQ: Beijing
  • The next SCO summit would be held at Tashkent, Uzbekistan in June 2016

Here’s how we remember the member countries:

YoU Take Care KKR

The capital letters highlighted in red are the names of the countries namely:Trade Blocs Tricks 4

G8: (8 member countries and 1 Union; The EU)

  • Full Form: Group of 8 countries with an addition of the European Union
  • The 42nd G8 Summit was held in Japan on May 26-27, 2016
  • The 43rd G8 Summit would be held in Italy on May 26-27, 2017

Here’s how we remember the member countries:

EUrope US aur UK me Jo FI RaCe hoGi

The capital letters highlighted in red are the names of the countries namely:Trade Blocs Tricks 5

Read, Learn, Write…………

REPEAT!

Happy Studies 🙂

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