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Posted by Daniel Workman Jun 8, 2008 |
North American Free Trade Agreement (NAFTA) established a free trade agreement in which Canada, the United States and Mexico promote economic growth through reduced tariffs, expanded trade and investment. NAFTA has no common external tariffs.
Latin American countries (Caribbean, Central and South America) have four preferential trade agreements:
- Central American Integration System
- Andean Community
- Common Market of the South
- Caribbean Community and Common Market.
Five South American nations - Bolivia, Colombia, Ecuador, Peru and Venezuela - established a customs union agreement called the Andean Community. Foreign exchange, financial and tax incentives as well as export subsidies were abolished. Common external tariffs were introduced.
Comprised of Argentina, Brazil, Paraguay and Uruguay, the Common Market of the South (Mercosur) is a customs union that impose common external tariffs of up to 20%. Chile and Bolivia are associate Mercosur members.
Caribbean Community and Common Market (CARICOM) is an economic union with a common currency. Seventeen member nations include Bahamas, Bermuda and Jamaica.
Asia-Pacific includes 23 countries and 56% of the world's population.
Newly Industrializing Economies feature strong export-driven economies sometimes called the 4 Tigers of Asia, namely South Korea, Taiwan, Singapore and Hong Kong.
Association of Southeast Asian Nations (ASEAN) includes Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Cambodia, Laos and Burma.
The European Union is the most successful economic union, with harmonized national laws and regulations.
Central European Free Trade Association (CEFTA) teams Hungary with Poland and Czechoslovakia. These countries cooperate in areas including:
- Infrastructure and telecommunications
- Sub-regional projects
- Inter-enterprise cooperation
- Tourism and retail trade.
The Middle East has three key regional organizations: Gulf Cooperation Council, Arab Maghreb Union and Arab Cooperation Council.
Africa has 53 nations and three regional agreements:
- Economic Community of West African States
- East African Cooperation
- South African Development Community.