Final answer:
The EU, USMCA (formerly NAFTA), MERCOSUR, and ASEAN are among the four largest trading blocs that promote free trade and economic growth by reducing trade barriers like tariffs and import quotas.
Step-by-step explanation:
One of the four largest trading blocs in the world is the European Union (EU). The EU was established to facilitate free trade and economic cooperation among its member states. Other prominent trading blocs include the North American Free Trade Agreement (NAFTA), which was later replaced by the United States-Mexico-Canada Agreement (USMCA), MERCOSUR (Mercado Común del Sur or Southern Common Market) in South America, and the Association of Southeast Asian Nations (ASEAN). These blocs aim to reduce trade barriers such as tariffs and import quotas, promoting easier trade and economic growth within their regions.
Agreements such as NAFTA and the establishment of blocs like ASEAN exemplify the trend of regional economic integration. Other entities, such as the Asia-Pacific Economic Cooperation (APEC), and informal economic core areas like the East Asian Community (EAC), also help shape the global economic landscape by facilitating trade among their member countries. The World Trade Organization (WTO) plays a pivotal role in overseeing international trade agreements and resolving disputes, further supporting global economic cooperation.