NaftaThe North American Free Trade Agreement was established between three countries on January 1, 1994. NAFTA is an agreement between the countries of Canada, Mexico and the United States that eliminates tariffs and encourages economic activity among these nations. As with many agreements, NAFTA has its pros and cons, but more benefits than problems have emerged. For example, it was recognized that the agreement makes it easier for Americans to purchase Canadian and Mexican goods. The agreement not only benefited the United States, but also all three countries. According to statistics published in a recent study, it was found that in all three nations there was a dramatic increase in trade from $337 billion in 1993 to $1.82 trillion in 2011! Not to mention the slight increase in wages for workers. Some people disagree and say that even without tariffs there are still many government-imposed barriers to trade. But they considered the impact it had on member countries by raising living standards, improving environmental conditions and increasing trade between those nations. AsEULThe European Union is a unique economic and political partnership between 28 European countries which, as indicated in the title, cover much of the European continent. According to the European Union's website, the aim is to "continue prosperity, freedom, communication and ease of travel and trade for its citizens." When it comes to advantages and disadvantages, the European Union has more advantages. The EU eliminates an exchange rate that leads to more competition, lower prices and more international trade. The European Union has also benefited its member countries by uniting them... at the heart of the document ... consisting of a governor and an alternate governor for each member country. The Board of Governors meets once a year at the annual meetings of the World Bank. Twenty-four governors serve on the International Monetary and Financial Committee and normally meet twice a year. The IMF is the same as the World Bank in the sense that they share the same goal of raising the standard of living in member countries. World Bank The World Bank's website lists a variety of financial products and services offered to its members. For example, by providing low-interest loans, interest-free credits and grants to developing countries, they also provide or facilitate financing through trust fund partnerships with bilateral and multilateral donors. A final service is the support they offer to developing countries through policy advice, research, analysis and technical assistance.