North American Free Trade Agreement (NAFTA),
Definition of North American Free Trade Agreement (NAFTA):
An agreement which came into effect in January 1994 between the US, Canada, and Mexico to remove barriers to trade between the three countries over a ten-year period.
President Donald Trump campaigned on a promise to repeal NAFTA and other trade agreements he deemed unfair to the U.S. On August 27, 2018, he announced a new trade deal with Mexico to replace it. The U.S.-Mexico Trade Agreement, as it was called, would maintain duty-free access for agricultural goods on both sides of the border and eliminate non-tariff barriers, while also encouraging more agricultural trade between Mexico and the U.S., and would effectively replace NAFTA.
The North American Free Trade Agreement (NAFTA) was implemented in order to promote trade between the U.S., Canada, and Mexico. The agreement, which eliminated most tariffs on trade between the three countries, went into effect on January 1, 1994. Numerous tariffs–particularly those related to agriculture, textiles, and automobiles–were gradually phased out between January 1, 1994 and January 1, 2008.
Trilateral treaty among Canada, Mexico, and the US, established in 1994 to remove import duties (tariffs) and non-tariff barriers within ten years for most types of goods, and within five more years for others. While the total consumer population (370 million) of NAFTA is slightly smaller than that of European Union (EU), its combined output ($6 trillion) is 20 percent higher. This agreement also addresses concerns relating to environment, health, and natural resources.
How to use North American Free Trade Agreement (NAFTA) in a sentence?
- The North American Free Trade Agreement really opened up a lot of new possibilities for businesses in those countries to work together.
- In social studies, we learned about the North American Free Trade Agreement , which was great because it sparked my interest in economics.
- President Trump made a campaign promise to repeal NAFTA, and in August 2018, he announced a new trade deal with Mexico to replace it.
- It is now much easier for different countries in the region to do business together thanks to the north american free trade agreement .
- The North American Free Trade Agreement (NAFTA) was implemented in 1994 to encourage trade between the U.S., Mexico, and Canada.
- In September 2018, Canada joined the deal: the United States-Mexico-Canada Agreement (USMCA), which was signed into effect on November 30, 2018.
Meaning of North American Free Trade Agreement (NAFTA) & North American Free Trade Agreement (NAFTA) Definition