NAFTA VS EU

nafta  vs  eu

 

  NAFTA EU
Stands for North American Free Trade Agreement European Union
Elaboration Large free trade area covering Mexico, Canada and US Large and regional system consists of all European nations applied and received membership of this union
Currency Use their own currencies Euro
Denote Agreement meant to foster trade between member countries Distinct political entity with European parliament in place
Unity Members are not enemies Consists of many members who have fought several wars with each other

Diversification in the liberalization of trades and marketing are some of the main goals of the nation. That’s why the leaders of every country to conduct board meetings have a conference regarding the ease of economic trade.

The EU is an abbreviated word for the European Union. It is an association of the European members forming a union intended for removing trade barriers between and across the different countries having various cultures, customs and languages. The EU becomes possible with the governing agreement of the Maastricht Treaty of 1993. This treaty connotes political and economic partnership of the 27 member countries that aims for prosperity and development in the entire nation. It aims for having a single market area with a uniform currency, which is called the Euro.

On the other hand, NAFTA is the counterpart of the EU in the USA. It stands for North American Free Trade Agreement. It is composed of three main country members – US, Canada and Mexico and it was originated around 1994. The focal point of having this association is to commit themselves to cooperate in terms of economic development, security and employment. There is no uniform currency being used because they are free to utilize their own currency.

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