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Economics Assistance.... Anyone?

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Why bother with a post grad? Are they even worth it? Have your say! 26-10-2016
    • Thread Starter

    How does the world view an economic union such as NAFTA?


    Hi there!

    Your question seems very generalized, and something more specific would help you get the answer you're looking for. I will, however, try to answer your question to the best of my knowledge.

    NAFTA is a Free Trade Area, which can be said to be the most basic type of trade bloc. This means that there is no type of trade barrier between the member countries, but they are allowed to employ their individual protection barriers against non-member countries.

    For countries within NAFTA, e.g. Mexico, Canada, and USA, NAFTA is an agreement that allows better access to regional markets and specialisation. It also improves political and cultural relations.

    For countries outside NAFTA, however, it may come as a disadvantage. As trade within NAFTA improves, trade with non-member countries is likely to worsen. Thus NAFTA may lead to other countries seeing a fall in trade with NAFTA countries.

    Concerns may also rise as an FTA can eventually become a customs union, meaning they would then place a common tariff on imports from non-member countries. This would further reduce trade with non-members.

    If you are looking for more of a subjective opinion, then I don't think the general public has any strong sentiment towards NAFTA.

    I hope I could help! Cheers.
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