Assertion: Regional Trade Blocs have come up in order to encourage trade between countries with geographical proximity, similarity and complementarities in trading items and to curb restrictions on trade of the developing world.

Reasoning: These trading blocs developed as a response to the success of the global organisations to speed up intra-regional trade.

Assertion (A) is true but Reasoning (R) is not correct.

The correct answer is option 3: Assertion (A) is true but Reasoning (R) is not correct.

Assertion: Regional Trade Blocs have come up in order to encourage trade between countries with geographical proximity, similarity and complementarities in trading items and to curb restrictions on trade of the developing world. This statement is correct because regional trade blocs promote easier and faster trade among neighbouring countries.

Reasoning: These trading blocs developed as a response to the success of the global organisations to speed up intra-regional trade. This statement is incorrect. Regional trade blocs actually emerged largely because global organisations were not fully successful in removing trade barriers and promoting rapid regional trade integration.

NCERT :"Regional Trade Blocs have come up in order to encourage trade between countries with geographical proximity, similarity and complementarities in trading items and to curb restrictions on trade of the developing world. Today, 120 regional trade blocs generate 52 per cent of the world trade. These trading blocs developed as a response to the failure of the global organisations to speed up intra-regional trade. Though, these regional blocs remove trade tariffs within the member nations and encourage free trade, in the future it could get increasingly difficult for free trade to take place between different trading blocs."