NAFTA stands for the North American Free Trade Agreement. It is a pact signed by Canada, the US, and Mexico to create a trade bloc. The agreement, which went into force on January 1, 1994, calls for the reduction or elimination of most trade barriers between the three countries. In this video, I'll talk about the reasons why the Mexican government was interested in creating this trade bloc and some of the major provisions of the agreement. In follow-up videos, I'll explore the effects of NAFTA on the Mexican economy. However, in 1987, the US and Mexico had no formal agreement to govern trade between the two countries. In November of that year, they signed an agreement to address trade disputes and bring down trade barriers. Two years later, an additional legal framework was established to expand cross-border trade and investment. In 1990, the Mexican government formally merged the idea with the US, forming a free trade area. So, what is a free trade agreement, and why was Mexico interested in signing one with the US and Canada? A free trade agreement is a legal arrangement between at least two countries that eliminates tariffs and non-tariff barriers on the trade of goods and services. If we recall from the videos on the debt crisis, the 1980s are often referred to as the lost decade for Latin American countries, and Mexico is no exception. The country suffered from increasing poverty, slow growth, and a high debt burden. Signing a free trade agreement would likely bring down inflation, given the increased competition from imported goods. Additionally, having duty-free access to the large US and Canadian markets would expand trade possibilities and perhaps increase the productivity of domestic manufacturers and their ability to export in international markets. Government officials argued that the agreement would...
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American Free Trade Agreement (NAFTA), which were both signed in 1994. In addition, the U.S. Senate confirmed a presidential Proclamation calling for the ratification of NAFTA. With ratification, the North American Free Trade Agreement (NAFTA) entered into force on January 1, 1994. U.S. Department of Commerce (Photo: Gage Skid more/Flickr) NAFTA — What The Other Countries Think Mexico The treaty has been controversial since the day it was signed. Critics of the treaty have argued such free trade deals only benefit the larger country and have been a detriment to the U.S. economy. They have also pointed out that free trade with other countries does not necessarily mean a reciprocal free trade agreement. In Mexico, the agreement has drawn mixed reactions. Mexico's government signed off on the deal, but the country's business elite and other influential leaders have been vocal in criticizing it as “NAFTA on steroids.” Canada Although the agreement was generally received positively in Canada, many Canadians were not happy with the terms, particularly the lack of protection for Canada's agriculture. Although many of the tariffs on Canadian products were eliminated, the Canadian government has not been immune from criticism. Many critics have compared it to the North American Free Trade Agreement (NAFTA), a trade agreement that the U.S. entered into in 1992. United States The agreement has been controversial from the outset. There were massive protests in Mexico, as well as opposition in the U.S. to the agreement's elimination of a variety of U.S. tariffs. This opposition extended to both sides of the border. On June 24, 1995, U.S. President Bill Clinton warned of the potential impact of trade agreements on job opportunities for the poorest Americans. NAFTA proponents, however, argued that the agreement would help U.S. jobs due to increased exports that were expected to result from the agreement's elimination of tariffs. What Do Mexicans Think of NAFTA? Mexicans may seem to be against NAFTA, but actually they are largely split in their attitude. The majority of Mexican people surveyed in 1994 by the Mexican National Survey of Opinion and Analysis (CONNIE) have called NAFTA “a positive change” or a step in the right direction. The majority also say NAFTA is benefiting Mexico — although the majority has also called NAFTA harmful to the United States. In addition, only 9 percent of respondents say that NAFTA is a bad deal for the U.S.
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