Explain the different forms of 'regional economic groupings' giving suitable examples.

Regional economic groupings refer to agreements between countries in a specific geographic area to promote trade, economic cooperation, and political alignment. These groups vary in terms of the level of integration and the scope of their agreements. The primary aim of such groupings is to increase the economic strength of member countries by facilitating free trade, reducing trade barriers, and coordinating economic policies. There are different forms of regional economic groupings, ranging from simple free trade agreements to more integrated unions. Some of the prominent forms include Free Trade Areas, Customs Unions, Common Markets, and Economic and Monetary Unions. Each form represents a varying degree of economic cooperation and integration.

### 1. Free Trade Area (FTA)
A Free Trade Area is one of the simplest forms of regional economic cooperation. In an FTA, member countries agree to eliminate tariffs and other trade barriers on goods and services traded among them. However, countries in an FTA retain their individual trade _____ ___ ________ ____ ________ ____.
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