Regional free trade zones exist around the world. One of the oldest is the European Union, formed in 1957. Describe the purpose of the EU and discuss some of the benefits to firms engaged in trade within the European Union

What will be an ideal response?

The EU creates a single European market by reducing barriers to the free flow of products, services, finances, and labor among member countries and develops trade policies with nonmember nations. Members in the EU have access to 454 million consumers, accounting for 23% of the world's exports. It has a common currency, the euro monetary system. The biggest advantage of this is that companies are more likely to enter entire regions at the same time, giving them access to much larger markets.