EUROPEAN UNION VS NAFTA

The European Union (EU) formerly called the European Economic Community. Initiated as the Common Market in 1958, the EU now comprises 15 western European nations—France, Germany, Italy, Belgium, the Netherlands, Luxemburg, Denmark, Ireland, United Kingdom, Greece, Spain, Portugal, Austria, Finland, and Sweden.

The EU has abolished tariffs and import quotas on nearly all products traded among the participating nations and established a common system of tariffs applicable to all goods received from nations outside the EU. It has also liberalized the movement of capital and labor within the EU and has created common policies in other economic matters of joint concern, such as agriculture, transportation, and business practices. The EU is now a strong trade block: a group of countries having common identity, economic inter...