Regional trade agreements (RTAS) or trade blocs refer to the trading arrangements that allow preferential treatment. Thus, the correct option is (b) ‘preferential’.
A regional trade agreement is a treaty signed by two or more countries. The treaty defines the rules of trade of goods and services between countries. Regional trade agreements increase economic growth by providing support to trading systems across countries.
One of the benefits of regional trade agreements is that these trading agreements provide preferential treatment to the member countries. The member counties have direct benefits from the trade agreements such as reducing unemployment, generating more job opportunities, and expanding the market.
While the other options are incorrect because:
When countries have signed regional trade agreements they have neither discriminatory treatment nor collusive treatment.
'The complete question is as follows:
Regional trade agreements (rtas) or trade blocs are trading arrangements that allow ________ treatment.
a. discriminatory b. preferential c. collusive'
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