Asked by Abiyot Debebe Seifu on Jul 16, 2024
Verified
Explain the similarities between the World Trade Organization (WTO)and the North American Free Trade Agreement (NAFTA).
World Trade Organization
An international organization established to supervise and liberalize international trade, facilitating negotiation and enforcement of trade agreements among member countries.
North American Free Trade Agreement
A treaty among Canada, Mexico, and the United States that eliminated most tariffs and trade barriers between the countries, aiming to increase economic integration.
- Understand the similarities and differences between international trade agreements like WTO and NAFTA.
Verified Answer
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Carissa HardenJul 21, 2024
Final Answer :
Students' answers may vary.
The U.S.government promotes globalization by signing on to international trade agreements that lower tariffs and other barriers to world trade.The WTO and NAFTA are the most prominent of these agreements.Both were created to encourage trade, but share the same issues as many international trade organizations.International trade organization flaws include failing to include enforceable provisions on labor, safety, and environmental protections.They tend to operate as undemocratic bodies, with little transparency.
The U.S.government promotes globalization by signing on to international trade agreements that lower tariffs and other barriers to world trade.The WTO and NAFTA are the most prominent of these agreements.Both were created to encourage trade, but share the same issues as many international trade organizations.International trade organization flaws include failing to include enforceable provisions on labor, safety, and environmental protections.They tend to operate as undemocratic bodies, with little transparency.
Learning Objectives
- Understand the similarities and differences between international trade agreements like WTO and NAFTA.