Answer:
WTO is an intergovernmental organisation ; NAFTA is a 'free trade area' ; EU is an 'Economic Union'
Explanation:
The North American Free Trade Agreement (NAFTA) , European Union (EU) are economies at different level of Economic Integration.
World Trade Organisation is an international intergovernmental organisation, for regulating International Trade - of goods , services , intellectual rights. it also provides framework for trade agreements & dispute settlement. It has 165 member countries,
NAFTA is a 'free trade agreement' between 3 countries : US, Mexico, Canada; which is the lowest form of economic integration - including barrier free trade between the member countries.
EU is an 'Economic Union' between many European countries ; which is the second highest form of economic integration - including barrier free trade, common external tariffs, free labour & capital movement, common monetary & fiscal policy.
Answer:
is the aggregate of all national markets, seen as linked through mutual economic and trade relations. New trends in trade relations, both between socialist states and between states with differing socioeconomic systems, can now develop and expand within the overall world economy