The European Union (EU) is a construct very similar to the Association of Southeast Asian Nations (ASEAN) and the North American Free Trade Agreement (NAFTA). True or false?

Question

Cole Landry

Business

4 October, 16:21

The European Union (EU) is a construct very similar to the Association of Southeast Asian Nations (ASEAN) and the North American Free Trade Agreement (NAFTA). True or false?

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Answers (1)

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Aiden · Answer 1

The correct answer is the first option: True.

Explanation:

On one hand, the ASEAN and the NAFTA are both agreements between countries that tend to facilitate and improve the commerce and the economic conditions and situations of their proper countries. Moreover, their main purpose is to established a better economic trade and agreement between the parties involve in both cases.

On the other hand, the European Union is also an economic union but with the main and more importance difference that it is a political union as well. Furthermore, that agreement is regulated by a common system of laws in the countries in order to established an internal single market and ensure the free movement of people, goods, services and capital within that internal market. Therefore that the EU is a construct very similar to the others but with the difference of being a political union also.