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What are the similarities and differences between NAFTA and GATT?

Review the list of items, and choose where they belong in the Venn diagram.

International focus-
North American focus-
Reduce tariffs-
Replaced by WTO-
Trade agreements-

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scouteo

The correct answer is the following.

Overlap - International focus.

NAFTA - North American focus.

Overlap - Reduce tariffs.

GATT - Replaced by WTO.

Overlap- Trade Agreements.

The topic of international trade is of the utmost importance for countries. This allows for agreements to import and exports products. The GATT was replaced by the World Trade Organization, with headquarters in Geneva, Switzerland. This organization tries to maintain fair trade rules for countries and helps to solve differences among them. NAFTA was the North American Trade Agreement between Mexico, Canada, and the United States that lasted from 1993 until 2018. It was replaced by UMSCA, the United States, Mexico, and Canada Agreement.

The term NAFTA represents North American Free Trade Agreement and GATT represents General Agreement on Tariffs and Trade.

What is the similarity between NAFTA and GATT?

Both the agreements have a common objective of increasing international trading facilities with reduced tariffs and higher foreign investments.

What are the differences between NAFTA and GATT?

NAFTA was replaced by UMSCA, which was introduced with the aim of establishing free trade zones in areas of participating countries. On the other hand, GATT was replaced by WTO which has the intention of reducing trade barriers.

Therefore, NAFTA positively contributed to making nations competitive; whereas, GATT benefited less-developed nations.

The Venn diagram is given below:

Learn more about trade agreements here:

https://brainly.com/question/4558120

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