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NAFTA and G20
Transcript of NAFTA and G20
Mexico Created on- Jan 1, 1994 1999 G-20 : What is it? Important facts: What is NAFTA? -The worlds largest free trade agreement covering a population of more than 400 million
- Free trade means that products going between Can, USA, and Mexico are tariff-free.
-This encourages business between the nations, and the consumer to purchase North American goods. the next G-20 summit is on November 6th Originally there was the Canada-U.S. Free Trade Agreement (1989), History: Pros and Cons of NAFTA Pros:
- Encouraged consumers to purchase North American goods.
-Strengthened the NA economy and allowed for seamless trade.
- Allowed for goods coming from any NA country to be cheaper.
- Strengthed the relationship between NA countries.
-economic growth and rising standards of living in all three nations Cons:
- Allowed companies to send factories to Mexico, exploiting cheap labour.
- Creates more competion for domestic market.
- Each country's economy will be affected by the others. Too much interdependence.
-hurts trade with non-NAFTA countries Interesting Facts - Between 1993-2007, trade tripled from $297 billion to $1 trillion. (Source: USTR, NAFTA)
- NAFTA links 444 million people and produces $17 trillion in goods and services annually. (Source: USTR, NAFTA)
-$1.7 billion a day in cross border trade (textbook, 1999 statistic) Turkey UK ...2011 Indonesia Italy Japan Mexico South Korea Argentina Australia EU France Germany Brazil Canada China India Russia USA South Africa Saudi Arabia Canada USA Mexico Brazil Argentina Russia South Africa Australia Indonesia India Saudi Arabia Japan China S. Korea Turkey France UK Germany Italy EU Signed in 1992 by: US President George Bush Sr., Mexican President Salinas, and Canadian Prime Minister Brian Mulroney. It was not until 1993, when Pres. Bill Clinton signed it, that it became official law. NAFTA textbook
http://www.msnbc.msn.com/id/37901237/ns/world_news-americas/ Impact on Canada
large Mexican consumer market provides new opportunities for the sale of Canadian products
Canadian manufacturing plants can take advantage of cheaper Mexican labour
also helps Canada get into the Central and South american market, because now Canada can easily ship products there
before the agreement, Canada did very little trade with them
Trade between Canada and Mexico has also significantly increased Created in what countries? QUIZ TIME!! what countries are in the G-20? Hint- Their's twenty of them!! - France is currently the head of the G20 for 2011
- the first G20 conference was held in Berlin on December 1516, 1999 - The Group of 20 (G20), is a group of finance ministers and bank governers established in 1999.
- The goal was to bring together important, industrialized countries to discuss global economic issues.
-As the G20 puts it they "...discuss issues related to global economic stability... and provide opportunities for dialogue on national policies, international co-operation, and international financial institutions" (G20 Mandate) Pros and Cons of the G20 Pros:
- Helps the world economy grow.
- Committed to preventing protectionism and encouraging trade relations between nations.
- Committed to restoration and growth of economy during times of economic struggle. Cons - The G20 is an exclusive "club" for the 20 richest and most powerful contries.
- Often criticized for using the worlds money for their own benifits.
- Keep the rich rich, and the poor poor.
-Their summits are often criticized for overspending.
-Unproductiveness Summits - The G20 holds a meeting, also known as a summit to disscuss their issues.
- Twice every year.
- Last one was held in Seoul, South Korea .
- Summit was held to discuss recent economic crisis. Impact on Canada - Just being a member makes a country stand out, both positively and negatively.
- Strengthens Canada's realtionship with other members.
- Allows Canada more trading capabilites.
- Gives Canada a voice in the economic world
-Establishes Canada as a world leader What is one pro and one con of NAFTA? What is one pro and one con for the G-20?