The long run.South America's biggest economies become one this mouth, but even historic high prices for commodities won't make a dent in the race to compete with trade blocs This is a list of trade-related international organisations only. For List of Free Trade Agreements between such 'blocs' and/or separate countries see List of Free Trade Agreements. to the north and in Europe. Although comparable in population, the nine South American countries of the Southern Cone Common Market (Mercosur) and Andean Community trade blocs house a collective economy that is 12 times smaller than the North American Free Trade Agreement North American Free Trade Agreement (NAFTA), accord establishing a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. (NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's ) and more than 11 times smaller than the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community . The new southern bloc accounts for just 2.4% of the world's exports in dollar terms. That's a mere fraction of the European Union's 40% share of world exports and NAFTA's 16% share. |
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