sam69
Answered

What trade barriers is NAFTA supposed to eliminate?


What is the difference between NAFTA and the EU?

please help me with the question!!!!!!

Verified Answer :

taskmasters

NAFTA stands for North American Free Trade Agreement, it is a treaty entered into by the United States, Mexico, and Canada.

It was created to do the following
1) eliminate tariff barriers to agricultural, manufacturing, and services.
2) remove investments restrictions
3) protect intellectual property rights
4) address environmental and labor concerns while performing three tasks mention above

The difference between NAFTA and the EU is basically its territorial coverage. While NAFTA is for USA, Mexico, and Canada, EU or European Union is for 28 member states located primarily in Europe.

keylacordoba

The Answer to the first question:

NAFTA is the world's largest trade agreement between The United States, Canada and, Mexico and at first, was created with the aim of helping with lower costs of trade.

The trades barries that NAFTA is supposed to eliminate are:

  1. It eliminated taxes on imports and exports as well as almost all tariffs. This helped to facilitate the cross-border movement of goods and services between the countries part of the deal.

The Answer to the second question:

The difference between NAFTA and the EU are:

  1. NAFTA was created with the main objective of eliminating trade barriers between the countries it covers, while The EU's first goal was to promote economic cooperation among European countries after World War II.
  2. NAFTA has remained  an economic treaty while The EU opened to policy and security areas.
  3. The coverage. EU coverages 28 European countries while NAFTA only coverages USA, Canada and, Mexico.

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