Topic > Essay on Global Single Market - 3470

NAFTA was implemented in 1994 and the combined export trade of textile and clothing products between the 3 member countries increased by 260% between 1993 and 2000 (sice) . The most significant element of NAFTA was the elimination of tariffs on qualified products among members. The meaning of qualified is that clothing products are one reason for forming a free trade agreement is to protect the local exporter from other foreign competitors who may receive benefits in another free trade area and another reason is that progress in multilateral negotiation they are slow, so it could be faster to form free trade areas (Cooper). The increased form of FTA between countries will suggest that trade flows are easier and faster. This is because member countries can enjoy preferential treatment such as exemption from duties and no quotas to cover a certain quantity of clothing products. Other examples could be the creation of the EU and ASEAN. A significant improvement of ASEAN would be the agreement made with China and launched in 2004 (JTW). Data shows that since 2004 (WTO), there has been an increase in the value of trade between ASEAN members and China. The increase in trade value could be a result of the reduction in tariffs imposed on clothing products. There are still numerous free trade agreements in the world and others are still being negotiated. The development of these free trade agreements could be due to the positive results achieved by previous countries and thus encourage others to build a free trade area. The more free trade agreements are created, the easier the flow of apparel products will be between countries and therefore is considered an important factor for the apparel industry operating in the