Correct option is B
The correct matching of the regional organizations and their establishment years is:
· A. North American Free Trade Agreement (NAFTA) - III. 1993
· B. Asia Pacific Economic Cooperation (APEC) - IV. 1989
· C. Mercosur - I. 1991
· D. Free Trade Area of the Americas (FTAA) - II. 1994
Explanation:
1. NAFTA (1993): The North American Free Trade Agreement between the U.S., Canada, and Mexico was signed in 1992 and came into force in 1994 but was ratified in 1993.
2. APEC (1989): The Asia-Pacific Economic Cooperation was established in 1989 to promote free trade and economic cooperation among Pacific Rim countries.
3. Mercosur (1991): Mercosur (Southern Common Market) was created in 1991 with the signing of the Treaty of Asunción by Argentina, Brazil, Paraguay, and Uruguay.
4. FTAA (1994): The Free Trade Area of the Americas was proposed during the 1994 Summit of the Americas as a plan to integrate economies of the Americas, though it was never fully realized.
Information Booster:
1. NAFTA was one of the largest free-trade zones globally and was replaced by the United States-Mexico-Canada Agreement (USMCA) in 2020.
2. APEC focuses on facilitating economic growth, cooperation, and trade across the Asia-Pacific region and includes 21 member economies.
3. Mercosur has expanded over time, including Bolivia, with Venezuela's membership suspended.
4. The FTAA was an ambitious plan to eliminate trade barriers across the Americas, but it faced significant opposition from countries like Venezuela and Brazil.
5. NAFTA significantly increased trade between the U.S., Canada, and Mexico, leading to economic integration.
6. APEC's influence extends beyond trade, touching on environmental and socio-economic issues in the Asia-Pacific .
English
10 Questions
20 Marks
12 Mins
