Attempts to emulate the success of the EU in regional trade agreements have faced challenges. The North American Free Trade Agreement (NAFTA) faced criticism for job losses in the US, leading to concerns about its effectiveness. Similarly, the South Asian Free Trade Area (SAFTA) did not significantly increase trade among member countries like Afghanistan, Bangladesh, India, and others. In contrast, the Association of Southeast Asian Nations (ASEAN) experienced significant trade growth, reaching over 25% of global trade by 2017, demonstrating a contrast in the outcomes of different regional trade agreements.
Jacques Delors, former president of the European Commission passed away last week. He was considered one of the reasons why the Eurozone got a single currency and a leader who paved the way for Europe’s free trade market or the EU (European Union).
That got us thinking about why other economies haven’t had single markets that stand out like the EU. So in today’s episode for 3rd January 2024, we try to answer just that.
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