Major International Trade Agreements with Greatest Impact on Business
European Free Trade Association (EFTA)
OrganizationFacilitates trade among European countries outside the EU, including Iceland, Liechtenstein, Norway, and Switzerland.
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Southern Common Market (MERCOSUR)
Trade blocPromotes economic integration among South American countries, including Argentina, Brazil, Paraguay, and Uruguay.
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Regional Comprehensive Economic Partnership (RCEP)
Trade agreementLargest trading bloc covering 30% of global GDP and population, promoting economic integration among ASEAN and its major trade partners.
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African Continental Free Trade Area (AfCFTA)
Trade agreementAims to increase intra-African trade by eliminating tariffs, potentially boosting the continent's economy.
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European Union Customs Union (EUCU)
ConceptEstablished a unified customs union among EU members, facilitating trade within the region.
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United States-Mexico-Canada Agreement (USMCA)
Trade agreementSuccessor to NAFTA, modernizing trade arrangements and covering 17% of global GDP.
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Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
Trade agreementSignificant free trade agreement covering 15% of global GDP, enhancing market access and economic integration.
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North American Free Trade Agreement (NAFTA)
Trade agreementHistorically significant agreement that reduced trade barriers among the US, Canada, and Mexico before being replaced by USMCA.
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ASEAN Free Trade Area (AFTA)
ConceptEnhances economic integration among Southeast Asian nations, promoting regional trade and investment.
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Gulf Cooperation Council (GCC) Free Trade Area
Economic unionFosters economic cooperation and trade among Gulf states, including Saudi Arabia, UAE, and Qatar.
0 votes
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