Economic Models of Cooperation

Paper Summary:

This paper provides an examination of the issues involved in developing an integrated economic union such as the European Union (EU) and the North American Free Trade Agreement (NAFTA). An analysis of how the EU compares with the North and South American NAFTA model of economic cooperation is followed by an assessment of the future trends and impacts resulting from the global competitiveness that arise from these economic partnerships. A summary of the research is provided in the conclusion.

From the Paper:

"The North American Free Trade Agreement (NAFTA) is an agreement between Canada, Mexico, and the United States which creates one of the world's largest free-trade zones. The pact builds on a free-trade agreement between the United States and Canada which initially became effective in 1989 and NAFTA took effect in January 1994. The potentials to be realized through a completely free trade zone in North America are enormous. Canada has traditionally been the United States' largest trading partner, and trade levels with Mexico have also historically increased. Under NAFTA, tariffs on most goods produced and sold in North America are to be gradually eliminated over 10 years. The provisions of NAFTA will help to ensure the eventual duty-free access for a wide array of manufactured goods and commodities traded between the agreement's signatories."

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