The idea of creating the North American Free Trade Area was first proposed in 1980 by U.S. President Ronald Reagan as part of his presidential campaign. President Reagan`s proposal was inspired by the success of the European Economic CommunityEuroZoneAll European Union countries that have adopted the euro as their national currency constitute a geographical and economic region known as the euro area. The euro area is one of the largest economic regions in the world. Nineteen of Europe`s twenty-eight countries use the euro, which has boosted trade activities between Member States. The North American Free Trade Agreement (NAFTA) is an agreement that brings together three North American countries, namely the United States, Canada and Mexico, into one trading bloc in North America. The agreement aimed to reduce trade costs and make North America a competitive trading bloc in the global marketplace.