North American Free Trade Agreement

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North American Free Trade Agreement

North American Free Trade Agreement (NAFTA), accord establishing a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. NAFTA immediately lifted tariffs on the majority of goods produced by the signatory nations. It also called for the gradual elimination of most remaining barriers to cross-border investment and to the movement of goods and services among the three countries; its provisions as a result were not fully in effect until Jan. 1, 2008. Major industries affected include agriculture, automobile and textile manufacture, telecommunications, financial services, energy, and trucking. NAFTA also provides for labor and environmental cooperation among member countries. The pact contains provisions for the inclusion of additional member nations.

Labor representatives have criticized NAFTA, claiming the agreement has led to numerous jobs lost in the United States because industries have moved plants to Mexico (see maquiladoras); NAFTA proponents point to the U.S. jobs created because of increased imports by Mexico and Canada. The agreement has negatively affected the economies of several Caribbean countries whose exports to the United States now compete with duty-free Mexican exports. The agreement was a significant issue in the U.S. elections of 1992, in which third-party presidential candidate and NAFTA opponent Ross Perot won 19% of the vote, and 2016, during and following which successful Republican presidential candidate Donald Trump called for its renegotiation or abandonment. In 2018 the Trump administration negotiated agreements with Mexico and Canada that modified some aspects of NAFTA and also updated it; it was renamed the United States–Mexico–Canada Agreement (USMCA). Additional changes were agreed to secure ratification by the U.S. Congress in Jan., 2020. The agreement took effect in July, 2020.

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References in periodicals archive ?
Washington DC [United States], Mar 5 ( ANI ): United States President Donald Trump, in a series of tweet on Monday, said, that tariffs he announced on steel and aluminum imports may not be implemented, at least for Canada and Mexico if there is "a new & fair" North American Free Trade Agreement (NAFTA).
Department of Transportation in September 2007 as a way to begin implementing the North American Free Trade Agreement trucking provision.
A major preliminary step occurred more than a decade earlier with the adoption of the North American Free Trade Agreement (NAFTA), which has significantly damaged our economy.
"If the American industry would stop pressuring their government and allow the (North American Free Trade Agreement) NAFTA decisions to follow its lawful end, then justice will have been served.
He was involved in getting approval of the North American Free Trade Agreement, better known by its acronym NAFTA.
Although comparable in population, the nine South American countries of the Southern Cone Common Market (Mercosur) and Andean Community trade blocs house a collective economy that is 12 times smaller than the North American Free Trade Agreement (NAFTA) and more than 11 times smaller than the European Union.
With a combined population of more than 700,000 residents, these cities have doubled in size in 10 years, due in part to the power of the North American Free Trade Agreement (NAFTA).
"If what I saw in the City of Juarez is evidence of what has happened under the North American Free Trade Agreement (NAFTA), then to open up the whole of the Americas to more free trade is to open them up to a level of exploitation we have never known before."
Fox may be able to deliver on promises to keep the economy from faltering, helped in large part by banking reforms of his predecessor and by the North American Free Trade Agreement, the treaty that eliminated trade barriers among the U.S., Mexico, and Canada.
The labor side agreement of the North American Free Trade Agreement encourages members to effectively enforce their domestic laws.
When the Mexican government accepted the North American Free Trade Agreement, it also repealed Article 27 of the Mexican Constitution protecting communal land holdings from privatization.

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