Arrange the following regional economic blocs as per their year of formation:

A. MERCOSUR
B. APEC
C. FTAA or Free Trade Area of the Americas
D. NAFTA
E. ASEAN

Choose the correct answer from the options given below:

Correct option is C

The correct order is E, B, A, D, C.

Explanation:

ASEAN (E), the Association of Southeast Asian Nations, was established in 1967, making it the earliest among these economic blocs.

APEC (B), the Asia-Pacific Economic Cooperation, was founded in 1989 to promote free trade and economic cooperation in the Asia-Pacific region.

MERCOSUR (A), the Southern Common Market, was established in 1991 to promote economic integration in South America, primarily between Argentina, Brazil, Paraguay, and Uruguay.

NAFTA (D), the North American Free Trade Agreement, was signed in 1994, creating a trilateral trade bloc between Canada, Mexico, and the United States.

FTAA (C), the Free Trade Area of the Americas, was proposed in 1994 but has not been fully realized.

Information booster :

ASEAN (E) has been a key player in fostering economic cooperation in Southeast Asia, which includes 10 countries, and has also helped strengthen the region's political and cultural ties.

APEC (B) focuses on promoting free trade and economic cooperation across the Pacific Rim, with 21 member economies, making it one of the most influential economic groups globally.

MERCOSUR (A) includes South American countries and works to promote free trade and the movement of goods, services, and people within the region, being one of the largest trading blocs in Latin America.

NAFTA (D), later replaced by USMCA (United States-Mexico-Canada Agreement), has been a significant agreement facilitating trade among three of the largest North American economies.

FTAA (C) was a proposal that aimed to create a trade bloc across the Americas, but its implementation was stalled due to differing economic interests, particularly between the United States and some Latin American countries.