North America Free Trade Agreement


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North America Free Trade Agreement

A controversial free trade agreement between Canada, Mexico, and the United States. Signed in 1993, it was the first free trade agreement between a developing nation (Mexico) and two developed nations. The agreement reduced or eliminated most trade restrictions between the participants. In particular, NAFTA allowed for the more or less free importation and exportation of agricultural products and textiles. Proponents of NAFTA argue that the agreement allowed for cheaper access to goods, especially food, which in turn increased the real incomes in all three countries. Critics contend that the agreement has not substantially reduced poverty in any of the participating countries. Mexican critics complain that NAFTA reduced profits for farmers and agricultural workers unable to compete with American agribusiness.

American organized labor have argued that the agreement has accelerated deindustrialization and caused job losses because it has become cheaper for American companies to move factories to Mexico and hire Mexican workers. NAFTA proponents note that employment in the United States increased between 1993 and 2007, and that factories in the U.S. were closing even before NAFTA was signed.

Canadian opposition to NAFTA has been largely related to environmental concerns, particularly the lack of oversight for the enforcement of its environmental provisions. Because NAFTA allows Canadian water to be bought and sold as a commodity, some environmental groups have been concerned that this would cause the degradation of Canadian wild lands. See also: Maquiladora.

North America Free Trade Agreement (NAFTA)

a regional ‘free trade area established in 1989 by the USA and Canada, which was extended to include Mexico in 1994. NAFTA aims to remove trade barriers for most manufactured goods, raw materials and agricultural produce over a 10-year period, as well as restrictions on cross border investment, banking and financial services. See TRADE INTEGRATION entry for further discussion.
References in periodicals archive ?
He has, for instance, scrapped US involvement in the Trans-Pacific Partnership (TPP) trade deal with key allies in Asia-Pacific and the Americas; withdrawn from the Paris climate deal, agreed upon by more than 170 nations; and launched a review of the North America Free Trade Agreement (Nafta) which may yet collapse in the new year.
trade with its North America Free Trade Agreement partners Canada and Mexico was up 5.4 percent annually at $95.8 billion.
On the other hand, there was a retreat in the national exports to North America Free Trade Agreement (NAFTA) countries that resulted from the retreat in exports to the United States of America (USA).
There was a notable increase in the imports from the Greater Arab Trade Zone countries especially Saudi Arabia who is the main source of crude oil imports in addition to the European Union countries, the non-Arab Asian countries and the North America Free Trade Agreement (NAFTA) countries.
Mrs Clinton suggested that the young Illinois senator had been dishonest in his handling of the North America Free Trade Agreement (Nafta), that he was too inexperienced to be president, and that he would need a "foreign policy instruction manual" to keep America safe.
He plans to return to the region early next year to spell out the full extent of trading opportunities with Canada, which is part of the North America Free Trade Agreement.
CAFTA would bridge the North America Free Trade Agreement (NAFTA) to the north and the Free Trade Area of the Americas (FTAA) to the south.
CAFTA is essentially a sequel to the generally successful North America Free Trade Agreement, which brought together the U.S., Canada and Mexico.
The work also contains a useful compendium of organizations, agreements and trade balances, as well as an evaluation of the first seven years of the North America Free Trade Agreement. Many analysts say it is too soon to form a judgment on Nafta, but Rosas suggests it is possible to make certain observations, among them that the huge expectations that accompanied the pact have been modified to more limited expectations.
involvement in the Trans-Pacific Partnership (TPP) trade deal with key allies in Asia-Pacific and the Americas; withdraw Washington from the Paris climate change deal agreed to by over 170 nations; and launched a review of the North America Free Trade Agreement (NAFTA) which may yet collapse in 2018.
South Korea says it will create 350, 000 jobs and expand the country's GDP by nearly six percent over the next 10 years It is the most significant pact for the United States since a 1994 North America Free Trade Agreement with Canada and Mexico.
Ross says that the expropriation violates the North America Free Trade Agreement.

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