What is the definition of regional economic group?

A regional economic group refers to a coalition of countries within a specific geographic area that come together to enhance economic cooperation and integration. These groups aim to promote trade, investment, and economic development among member nations by reducing tariffs, establishing common policies, and facilitating the movement of goods, services, and labor. Examples include the European Union (EU) and the Association of Southeast Asian Nations (ASEAN). Such collaborations can enhance economic stability and competitiveness in the region.