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 …show more content…
The European Union has political, economic, social, and environmental benefits. The European Unions political benefits include that the member nation will increase in term of their democratic system. Safety will also increase in regards to the member nation. Being a member of the European Union will also lower boundaries among other members of the EU. There is also a substantial amount of economic benefits when being a member of the European Union. There is free movement of goods, services, and people between borders. This free movement of goods, services, and people boosts the economy of the member nation. Joining the European Union will also allow a unification of economic laws within the member nations. One of the major benefits of the European Union is the switch to one common currency, the euro. According to Baresa, Bogdan, and Ivanovic (2012):
The benefits of such unique and integrated European financial market is a better protection for investors and reduction of unnecessary bureaucracy, greater asset liquidity, the interdependence of individual national financial markets and its components, and the companies will easier find sources of funding on liquid European market, where the competition will reduce the cost of capital. (p. …show more content…
This is a huge challenge that the European Union continues to face to this day. A solution to this problem is to make the public and high-ranking officials aware of the ongoing problem of religious persecution. This can lead to a development of a strategy within the European Union. The North American Free Trade Agreement also has challenges. According to Jchott (2008), “NAFTA partners face new economic and political challenges that threaten to impede existing benefits from regional economic integration, particularly as countries implement new measures to address border security, climate change concerns, and energy security” (p. 2). Economic integration is essential in the regions of NAFTA. These economic and political challenges can delay and can even diminish economic integration in the member nations. A solution to this problem is to make sure that the member nations work more
Nations Involved in the RTAs The …show more content…
The European Union has political, economic, social, and environmental benefits. The European Unions political benefits include that the member nation will increase in term of their democratic system. Safety will also increase in regards to the member nation. Being a member of the European Union will also lower boundaries among other members of the EU. There is also a substantial amount of economic benefits when being a member of the European Union. There is free movement of goods, services, and people between borders. This free movement of goods, services, and people boosts the economy of the member nation. Joining the European Union will also allow a unification of economic laws within the member nations. One of the major benefits of the European Union is the switch to one common currency, the euro. According to Baresa, Bogdan, and Ivanovic (2012):
The benefits of such unique and integrated European financial market is a better protection for investors and reduction of unnecessary bureaucracy, greater asset liquidity, the interdependence of individual national financial markets and its components, and the companies will easier find sources of funding on liquid European market, where the competition will reduce the cost of capital. (p. …show more content…
This is a huge challenge that the European Union continues to face to this day. A solution to this problem is to make the public and high-ranking officials aware of the ongoing problem of religious persecution. This can lead to a development of a strategy within the European Union. The North American Free Trade Agreement also has challenges. According to Jchott (2008), “NAFTA partners face new economic and political challenges that threaten to impede existing benefits from regional economic integration, particularly as countries implement new measures to address border security, climate change concerns, and energy security” (p. 2). Economic integration is essential in the regions of NAFTA. These economic and political challenges can delay and can even diminish economic integration in the member nations. A solution to this problem is to make sure that the member nations work more