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The Eu Nafta And Similar Agreements In Asia Promote

The WTO is one of the most effective trade agreements between nations. In 1995, the WTO replaced the General Agreement on Tariffs and Trade (GATT) and has 125 Member States. 153 members are currently members of the WTO. Many believe that GATT began rapid trade liberalization in 1947 and that its action contributed to the expansion of trade around the world by removing tariffs and quotas. In addition, the WTO pursued the GATT principle with a more multilateral forum for governments to conclude or challenge trade agreements. Mercosur`s objective is to promote free trade and the fluidity of trade in goods, people and currencies. The official languages are Guarané, Portuguese and Spanish. Mercosur acts as a comprehensive customs union and works towards an ongoing process of South American integration into the Union of South American Nations. The program also proposed Gaucho as a currency for regional trade. APEC is a forum for 21 peripheral Pacific countries that want to promote free trade and economic cooperation throughout the Asia-Pacific region.

Regional economic integration has not been as successful in Asia as in the EU or NAFTA, with most Asian countries relying on US and European markets for export. [2] Founded in 1967, the Association of Southeast Asian Nations (ASEAN) consisted of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The ASEAN Free Trade Area (AFTA), officially established in 1993, was expected to reduce tariffs on inter-regional trade to a maximum of 5% by 2008. [2] ASEAN is the third largest free trade agreement in the world after the EU and NAFTA and through MERCOSUR. Established in 1989, the Asia-Pacific Economic Cooperation (APEC) is expected to foster multilateral economic cooperation on trade and investment in the Pacific. [3] APEC consists of 21 countries bordering the Pacific; Progress towards free trade is hampered by the size and geographical distance between Member States and the absence of a treaty. Since 23 August 2008, there has been another integration initiative, the Union of South American Nations (UNASUR). It encompasses all independent states in South America, which number about 400 million people, and intends to create a level of integration similar to that of the European Union by 2025. The World Trade Organization (WTO) was officially established on 1 January 1995 as part of the Marrakesh Agreement to monitor and liberalize international trade between participating countries.

The WTO provides a framework for the negotiation and formalization of trade agreements, as well as a dispute settlement procedure aimed at enforcing WTO agreements by participants who have been signed by representatives of member governments. The Organization is working to conclude negotiations on the Doha Development Round, which was launched in 2001 with an explicit focus on the needs of developing countries. Since June 2012, the future of the Doha Round has been uncertain. Eurozone countries: the euro, introduced in 2002, favours a single market in 17 EU countries. Mercosur is an economic and political agreement between Argentina, Brazil, Paraguay, Uruguay and Venezuela, concluded in 1991 to promote free trade. The WTO monitors some 60 different agreements that have the status of international legal texts. Some of the most important agreements are: Asia-Pacific Economic Cooperation (APEC) is a 21-nation Pacific forum that aims to promote free trade and economic cooperation throughout the Asia-Pacific region. APEC includes newly industrialized economies, whose members account for about 40% of the world`s population, about 54% of the world`s gross domestic product and about 44% of world trade.

APEC currently has 21 members, most of them countries with a coastline along the Pacific Ocean.