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The Americas: NAFTA and MERCOSUR

In: Regional Blocs

Author

Listed:
  • A. S. Bhalla
  • P. Bhalla

Abstract

The North American Free Trade Area (NAFTA) consisting of Canada, Mexico and the United States, which came into effect in January 1994, is the first developed-developing country or rich-poor trade arrangement. In South America, MERCOSUR, the Common Market of Argentina, Brazil, Paraguay and Uruguay is also a grouping of unequal partners, but with nothing like the different levels of economic development found among members of NAFTA (Table 6.1 shows the vast differences in GDP per capita of the members); none of the MERCOSUR economies is industrialized. The per capita GNP and population data in Table 6.1 suggest that NAFTA is one of the biggest free trade areas in the world. The United States is clearly the richest and the largest of the three members. Between 1970 and 1990, all three members have, however, grown significantly in terms of absolute GNP and GNP per capita.

Suggested Citation

  • A. S. Bhalla & P. Bhalla, 1997. "The Americas: NAFTA and MERCOSUR," Palgrave Macmillan Books, in: Regional Blocs, chapter 6, pages 121-157, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25811-6_6
    DOI: 10.1007/978-1-349-25811-6_6
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