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NAFTA

   Also found in: Dictionary/thesaurus, Legal, Financial, Acronyms, Wikipedia, Hutchinson 0.01 sec.

NAFTA

 in full North American Free Trade Agreement

Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's largest free-trade area. It basically extended to Mexico the provisions of a 1988 Canada-U.S. free-trade agreement, calling for elimination of all trade barriers over a 15-year period, granting U.S. and Canadian companies access to certain Mexican markets, and incorporating agreements on labour and the environment. See also General Agreement on Tariffs and Trade; World Trade Organization.



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Because the architects of NAFTA deliberately avoided creating strong supranational institutions that could have deepened the economic relationship fostered by the agreement, the member countries will have to exercise their national autonomy, either individually or in concert, in order to take additional actions that advance regional economic integration.
Full implementation of NAFTA repealed the remaining tariffs on corn, dry beans, dry milk, and high fructose corn syrup imported from the U.
Abstract and Key Results * We examine the impact of NAFTA on FDI into the region and the individual member countries.
 
 
 
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