Economic Integration of Eastern Countries with European Union and United States - 1990-2012

Trading blocs are found with the objective to gain benefits and exchange economic and social traditions. Trading blocs are FTA (Free trade agreements) and PTA (preferential trade agreements). In this present era approximately all countries are part of at least one trading bloc, while there are some countries which are members of more than one trading blocs. India is an example of this. This study is conducted with the objective to find the trading magnitude of one of the emerging Asian trading blocs i.e. ASEAN and SAARC with another effective trading blocs of the world i.e. EU and US world’s largest and developed economy. Data spans from 1990 to 2012. The nature of this study is qualitative. It has been found that trade of both trading blocs i.e. ASEAN and SAARC has increased with the time while magnitude of ASEANʹs trade is greater than the trade of SAARC with EU and US. EU is one of the strong and effective trading blocks, and is engaged in bridging relations with other regions of the world. EU is in the first row for the peace, prosperity of the South Asian countries as well as for the other developing economies of the world.