North American Free Trade Agreement (NAFTA)
The North American Free Trade Agreement (NAFTA) is a regional agreement between the Governments of Canada, United Mexican States and the United States of America to implement a free trade area. NAFTA came into force on January 1, 1994.
The objectives of this Agreement are to:
- eliminate barriers to trade in, and facilitate the cross-border movement of goods and services between the territories of the Parties;
- promote conditions of fair competition in the free trade area;
- increase substantially investment opportunities in the territories of the Parties;
- provide adequate and effective protection and enforcement of intellectual property rights in each Partyï¿½s territory.
- Trade relations among Canada, Mexico, and the United States have broadened substantially since NAFTAï¿½s implementation.
- The overall value of intra-North American trade has more than tripled since the agreementï¿½s inception. Regional business investment in the United States also rose substantially. Since 1994, Mexicoï¿½s GDP has increased at an average annual rate of 2.7 per cent. Mexican exports to the United States have quadrupled since NAFTAï¿½s implementation. Canada, the leading exporter of goods to the United States, has experienced economic growth since NAFTAï¿½s implementation. Canada has seen the strongest gains. Between 1994 and 2003, Canadaï¿½s economy showed average annual growth rates of 3.6 per cent.
Written by princy