Refer to the scenario below to answer the following questions.
A Speech on Trade Alliances (Scenario)
As manager of the international department for your company, you have been asked by the local Chamber of Commerce to deliver a speech on global trade. The presentation should include an overview of the world's major trade alliances and mechanisms that promote global trade. The Chamber president has also asked you to comment on a recent quote by a local politician, who stated: "NAFTA has been a bad deal for Canada and it continues to weaken our economy." As you review your notes, you wonder how you will fit all the information into the allotted half-hour presentation time!
-You decide to start the speech by explaining how the Maastricht Treaty reshaped global competition by creating the __________.
A) World Trade Organization (WTO)
B) General Agreement on Tariffs and Trade (GATT)
C) European Union (EU)
D) European Economic Community (EEC)
E) North America Free Trade Agreement (NAFTA)

Question

Quizplus · Accepted Answer

The Maastricht Treaty created the European Union (EU), which reshaped global competition by increasing economic integration among its member states. While the World Trade Organization (WTO) and General Agreement on Tariffs and Trade (GATT) promote global trade, they were not directly created by the Maastricht Treaty. The European Economic Community (EEC) was a precursor to the EU, and NAFTA is specific to trade between North American countries.

Refer to the Scenario Below to Answer the Following Questions