Asked by Ashley Hammerscchmidt on Jun 06, 2024
Verified
In recent decades, a number of countries with similar economic goals have formed transnational trade groups or signed trade agreements for the purpose of promoting free trade. Describe the two discussed in the text.
Transnational Trade Groups
International organizations composed of various countries that aim to promote and facilitate trade and economic cooperation among member nations.
Trade Agreements
Bilateral or multilateral agreements between countries that regulate tariffs, import quotas, and other trade restrictions to foster economic cooperation.
Free Trade
The unobstructed trade between countries, without tariffs, quotas, or other restrictions.
- Analyze the role and impact of trade agreements and transnational trade groups on global business.
Verified Answer
DA
Dylan AllmenJun 07, 2024
Final Answer :
(1) In 2018 the European Union (EU) consisted of 27 countries with more than 510 million consumers. The EU has eliminated most barriers to the free flow of products, services, capital, and labor across its borders. In addition, 16 countries have adopted the euro, eliminating the need to continually monitor the currency exchange rate.
(2) The North American Free Trade Agreement (NAFTA) lifted many trade barriers between Canada, Mexico, and the United States and created a marketplace with more than 485 million consumers.
(2) The North American Free Trade Agreement (NAFTA) lifted many trade barriers between Canada, Mexico, and the United States and created a marketplace with more than 485 million consumers.
Learning Objectives
- Analyze the role and impact of trade agreements and transnational trade groups on global business.