The group of members who have signed a major agreement like the European Union can be called a(n):

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A group of members who have signed a major agreement like the European Union is called a trading bloc. A trading bloc is a group of countries that have come together to promote trade between themselves and reduce trade barriers with other countries. The European Union, NAFTA, and ASEAN are all examples of trading blocs. The other choices, such as labor council, embargo, trade union, and labor union, do not fully capture the concept of a group of countries with a common trade agreement.

The Group of Members Who Have Signed a Major Agreement