Question

The North American Free Trade Agreement (NAFTA), the World Trade Organization (WTO), and the European Union (EU) were all formed to achieve the same purpose of removing trade restrictions between countries. However, there are important differences in the characteristics of these organizations. Fill in the blanks with the word(s) from the drop-down list that would best complete the passage. Each word or term may be used more than once.

Answer 1

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.