I need to analyze the impact that two trade blocs have on Essay

I need to analyze the impact that two trade blocs have on globalization. To analyze the NAFTA (The North American Free Trade Agreement) trade bloc as well as CEFTA (Central European Free Trade Agreement) - Essay Example NAFTA is the short for North American Free Trade Agreement, with partners including United States, Canada and Mexico. Officially agreed upon in 1992, the concept already had been conceived during 1980s when US President Ronald Reagan expressed his desire to form a unified North American market (Baliles, 2010, Para. 1). CEFTA (Central European Free Trade Agreement), also signed in 1992, on the other hand is an association formed between the non-Euro nations, which are mainly concentrated around Central and South-Eastern Europe. Initially comprising fourteen nations, the number of membership gradually receded to five with some of them moving into the Euro zone. The five member nations are Poland, The Czech Republic, Slovakia, Hungary and Slovenia) (Pal, n.d., p. 1). Purpose behind the formation of either trade bloc had been promotion of economic growth over the respective regions. Consolidation of nations to form an entity actually facilitates in gaining market and barg aining powers among the international community. These were indeed, the fundamental objectives which played in the minds of the founders while shaping their ideas Consolidation of the NAFTA has resulted to an agricultural boom over the region, which has added to the aggregate agricultural supplies of the world. Moreover, Canada had almost been unnoticed prior to its incorporation, but the world soon realized the nation’s immense investment potentials once that its presence was felt. Member nations of CEFTA too are primarily dependent upon agriculture. Given their enhanced power, the CEFTA nations now export their produce more efficiently and in a manner so as to trigger widespread market demand (Pal, n.d., p. 3). Hence, they too have added to aggregate agricultural products, besides expanding the consumption goods basket.