Question

The North American Free Trade Agreement (NAFTA), the World Trade Organization (WTO), and the European Union (EU) were all formed to achieve the same purpose of removing trade restrictions between countries. However, there are important differences in the characteristics of these organizations.

Answer 1

Step-by-step explanation:

NAFTA is a trade agreement signed by Canada, Mexico and US to reduce the trade barriers between these countries such as reducing tariffs and lowering the difficulty in getting goods through customs.

There are 28 members of EU and all the states are located in Europe. The European union made the economy of Europe better by replacing the currencies of many countries and it developed a single market in the EU. European Union also abolished internal tariffs and trade quotas.

World Trade Organisation was formed to liberalise the trade. It is a forum for countries to negotiate trade agreements. It also supports maintaining trade barriers between the countries under GATT(General Agreement on Tariffs and Trade). Almost all the countries are members of WTO except North Korea and Turkmenistan. The European members are represented by EU.