1a ) Choose ONE of the regional agreements from the list below and reflect on the impact of the chosen trade agreement on the economic health for ONE of the member countries:

1b:

Analyse the impact of CUSMA/NAFTA/T-MEC on either the Canadian or Mexican economy.

Answer:

Introduction

Today, nations worldwide trade services and goods on a daily basis, this is important because countries benefit from other countries products and materials and this impulses economic growth and development across nations. With better technologies and advances done in the past years, transportation and communication is now fast and easy across countries.

Trade agreements are becoming more relevant these days to promote economic development and benefit the nations. Starting with a background of the T-MEC, it all started with the TLCAN in 1994 with the same countries Mexico, Canada and the United States of America. Mexico is essential in this agreement because of its potential expansion with exportations worldwide. Likewise, these three member countries enjoyed benefits such as eliminating barriers of trade, investment opportunities and expansion, tax reductions, easy commerce, access to new markets, competitiveness, among many others.

Donald Trump, during his presidential time in the United States, had the intentions of renegotiating the TLCAN in 2017 and finally in 2019 it was signed the new T-MEC agreement and came into force on the 1st of july of 2020. The T-MEC agreement was meant to replace the previous agreement and this agreement will include some modifications. T-MEC with a life expectancy of 16 years would bring benefits for Mexico in its workforce, stability in exchange rate and better access to powerful markets.

Now, with Poland, trade has been playing a significant role in terms of building relationships, fulfilling each other's needs, and simplifying the trading method with time. The same purpose exists for the European Union, which was formed back in 1993 to overlook trade integration with neighboring European countries. Today, the European Union consists of 27 members, and the country that we have chosen is Poland.

Poland is a country in Central Europe with a population of over 38 million. Poland today has a total GDP of $1.7 trillion, with per capita income of $45000. The European Union also plays an important role. Poland became a member of the European Union in May 2004 under the Accession Treaty signed in April 2003 in Athens to promote and share freedom, peace, and trade values among other members.

Here is Poland before European Union-

1. Facing economic challenges
2. Lack of proper infrastructure
3. High unemployment rate
4. Slow trade movements

Here is Poland today, after being a member of European Union from past 18 years-

1. GDP in Poland is increasing at a constant rate of 5.3% annually
2. Poland received a structural funds grant from the EU in between 2004-2020 worth $164 Billion
3. The value of exports skyrocketed from $60 Billion in 2004 to $286 Billion in 2020
4. The unemployment rate plunged from 19.5% in 2004 to 5.2% in 2020
5. Labor productivity rose from 62% in 2005 to 82.7% in 2021

So in this whole project, we are going to talk about the benefits that the trade agreements of T-MEC and the European Union have to offer. We will take a look at these agreements and make a comparative analysis about benefits for Mexico being included in the T-MEC, and Poland with the European Union Agreement. With this, our purpose is to bring possibilities and state the principal benefits of both agreements, so we can get to analyze the impact in both countries, talking in a different perspective inside of an American and European continent and how the economy flourishes with their respective trade agreements.

Question the answer

Provide a comparative analysis between your answer to 1a and 1b by making a concept map. PLEASE PROVIDE THE REFERENCES AS WELL.

THANK YOU