Final answer:
The late 20th and early 21st centuries saw significant developments in global trade agreements,
such as the establishment of the European Union, NAFTA, and the Canada-US FTA, which were all aimed at reducing trade barriers and supporting economic integration.
Step-by-step explanation:
The late 20th century and early 21st century were marked by considerable changes in global trade agreements and economic policies.
The European Union was established in 1992, with the goal of integrating economic activities and removing barriers to the movement of people and goods across European borders. In a parallel development, the North American Free Trade Agreement (NAFTA) was signed in 1992 by the United States, Canada, and Mexico. This agreement aimed to foster trade between these countries by eliminating various trade barriers, leading to the creation of one of the largest trade blocs in the world.
These agreements were part of a broader trend toward globalization, which included offshoring and outsourcing of jobs to access cheaper labor markets. Another example of economic integration was when the United States and Canada agreed to the Canada-U.S. Free Trade Agreement (Canada-US FTA) in 1988, which aimed to create a free-trading zone between the two countries.