Differences and Similarities between the EU and the NAFTA

Differences and Similarities between the EU and the NAFTA
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Differences and Similarities between the EU and the NAFTA
North America Free Trade Association (NAFTA) is an agreement between three nations, which include the U.S., Canada, and Mexico, while the European Union (EU) is a treaty that was signed by 28 European countries. Although the two entities serve the same objective as trade blocs, there are numerous differences. The main similarity is that both agreements use a common approach towards trade among the countries. NAFTA aims at eliminating both tariff and non-tariff barriers to trade and investment among the nations. This ensures that intellectual property rights are protected. Conversely, the EU has established a single market that is based o...