Essay on European Union And North American Free Trade Agreement

3474 Words May 7th, 2015 14 Pages
The European Union and North American Free Trade Agreement The European Union (EU) and the North American Free Trade Agreement (NAFTA) are two regional trade agreements that promote the trade of goods, people, and services across borders. Both of these regional trade agreements help their member regions reduce or eliminate trade restrictions, quotas, and tariffs. By implementing regional trade agreements, the member regions can improve their economy and promote trade growth throughout the region. From the many regional trade agreements located throughout the world, the European Union and the North American Free Trade Agreement compare and contrast in regards to the requirements and membership qualifications.
Nations Involved in the RTAs The European Union host’s 28 member nations located primarily throughout Europe. The European Union is a large bodied trading area that promotes a series of trade agreements as well as negotiations between the member nations. According to Amadeo (2015), “Its 28 members are Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom” (p. 12). The European Union allows the free trade and free flow of goods between these member nations, except for illegal goods. The European Union accomplishes this with the help of 3 bodies. These…

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