Moreover, WTO continued GATT's principle with more multilateral forum, which enables governments to settle agreements or to dispute them regarding trade.
The formation of the European Parliament and the establishment of a Euro the common currency make EU the most ambitious in comparison to other regional trade groups.
Iceland, Liechtenstein, Norway, and Switzerland who decided not to leave European Free Trade Area are linked together with the EU as a customs union.
[2] The implications of the EU for corporate strategy are: NAFTA is designed to eliminate tariff barriers and liberalize investment opportunities and trade in services.
It generates 75 percent of South America's GDP and this makes MERCOSUR the fourth largest trade bloc in the world after the EU, NAFTA, and the Association of Southeast Asian Nations (ASEAN).
It includes all independent states of South America with about 400 Million people and intends to create a level of integration similar to the European Union by 2025.
Regional economic integration has not been as successful in Asia as in the EU or NAFTA because most Asian countries have relied on U.S. and European markets for their exports.
[2] The Association of Southeast Asian Nations (ASEAN), formed in 1967, consisted of the following countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.