Question

Question 47 : .Was established to meet the challenge posed by the European Economic Community and Japan.​

Answer 1

Answer:

European = The European Economic Community (EEC) was a regional organization that aimed to bring about economic integration among its member states. It was created by the Treaty of Rome of 1957.[note 1] Upon the formation of the European Union in 1993, the EEC was incorporated into the EU and renamed the European Community (EC). In 2009, the EC formally ceased to exist and its institutions were directly absorbed by the EU. This made the Union the formal successor institution of the Community.

Japan = On 1 February 2019, the European Union–Japan Economic Partnership Agreement (EPA), the world's largest open economic area[3] covering a third of the world's economy, entered into force