ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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national policies of protectionism
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free trade zones
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a rebirth of command economies
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a reliance on social welfare policies
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Detailed explanation-1: -The North American Free Trade Agreement (NAFTA) was implemented in 1994 to encourage trade between the U.S., Mexico, and Canada. NAFTA reduced or eliminated tariffs on imports and exports between the three participating countries, creating a huge free-trade zone.
Detailed explanation-2: -The key difference between the North America Free Trade Agreement and the European Union is their scope. NAFTA remains a purely economic agreement among three countries, while the EU has developed into a political, social and territorial union between 28 countries.
Detailed explanation-3: -There are both similarities and differences between NAFTA and the European Union. The main similarity is that both of these agreements involve a single approach to trade between the countries. The way that the agreements differ is that most of the European Union now has a single currency.
Detailed explanation-4: -The United States-Mexico-Canada Agreement (USMCA) entered into force on July 1, 2020. The USMCA, which substituted the North America Free Trade Agreement (NAFTA) is a mutually beneficial win for North American workers, farmers, ranchers, and businesses.