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Discuss (2) two benefits and (2) two drawbacks of NAFTA and ASEAN Two benefits of NAFTA are: (1) There was an increase in trade, which resulted in higher economic output. According to the US International Trade Commission, full implementation of NAFTA may boost US growth by as much as 0.5 percent per year (Amadeo, 2022). (2) Increase in employment opportunities, as a result of NAFTA's improved growth. According to a 2010 report, 5.4 million employments were directly supported by US free trade agreements, the majority of which derived from the NAFTA agreement, while 17.7 million jobs were indirectly supported by commerce with these countries (Amadeo, 2022). Two drawbacks of NAFTA are: (1) This led to the loss of jobs in the manufacturing industry in the United States. Between 1994 and 2016, the auto industry in the United States lost nearly 350,000 jobs, according to the CFR. Many of these positions were filled by employees in Mexico, where the car industry added over 400,000 employments during the same time period (Josephson, 2020). (2) It has also resulted in a deterioration of Mexico's climate, due to the use of more fertilizers and chemicals by Mexican growers in order to become more productive, as a result of the challenges they face because of NAFTA's (Layne, 2020) Two benefits of ASEAN are: (1) Tariffs between member states have been eliminated, resulting in lower product prices because of enhanced market competitiveness. (2) The association also created the opportunity for investments on the different markets (Reference, 2020). Two drawbacks of ASEAN are: (1) Domestic instability issues wreak havoc on regional unity and identity. Ethnic instability and religious extremism are nothing new in Southeast Asia. Armed separatist movements are still active in southern Thailand and the Philippines, where Muslims make up the majority of the population (Acharya, n.d). (2) There is the constant prospect of a flood of low-cost imports flooding local marketplaces.