Comparison of NAFTA and the European Union

A Comparison of NAFTA and the European Union

Introduction

The trend is clear and the nations of the world are increasingly participating in economic cooperation models that are fueling the globalization process. This paper provides an examination of the issues involved in developing an integrated economic union such as the European Union (EU) and the North American Free Trade Agreement (NAFTA). An analysis of how the EU compares with the North and South American NAFTA model of economic cooperation will be followed by an assessment of the future trends and impact resulting from the global competitiveness that arises from these economic partnerships. A summary of the research is ...

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traditionally been the United States' largest trading partner, and trade levels with Mexico have also historically increased. Under NAFTA, tariffs on most goods produced and sold in North America are to be gradually eliminated over 10 years. The provisions of NAFTA will help to ensure the eventual duty-free access for a wide array of manufactured goods and commodities traded between the agreement's signatories. The increase in trade as a result of the creation of the free-trade zone pursuant to NAFTA has been dramatic; however, there has been an historic trade relationship between the two countries which has proven mutually beneficial. While there are definite swings in the trade balance, there is also a demonstrated trend which shows that the balances of trade between these two trading partners is leveling off, and the free trade zone created by NAFTA will continue to enhance this process.
European Union. Like NAFTA, one of the main goals of the EC was the integration of its ...

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"Comparison of NAFTA and the European Union." Essayworld.com. September 29, 2016. Accessed June 22, 2018. http://www.essayworld.com/essays/Comparison-of-NAFTA-and-European-Union/105905.
"Comparison of NAFTA and the European Union." Essayworld.com. September 29, 2016. Accessed June 22, 2018. http://www.essayworld.com/essays/Comparison-of-NAFTA-and-European-Union/105905.
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PAPER DETAILS
Added: 9/29/2016 05:12:44 AM
Category: Economics
Type: Premium Paper
Words: 940
Pages: 4

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