trade block

A trade bloc is a large free trade area formed by one or more tax, tariff and trade agreements. Typically trade pacts that define such a bloc specify formal adjudication bodies, e.g. NAFTA trade panels. This may include even a more democratic and participative system, as the EU and its parliament.Particularly since the demise of most of the world's empires, a number of international—generally regionally based—economic blocs have been developed to promote trade between member states. Several blocs also have stated or implicit political goals—notably the  EU. Varieties of economic blocs include free trade areas, customs unions, single markets, and economic and monetary unions.
See more at Wikipedia.org...