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Transcript of NAFTA
What is NAFTA?
NAFTA the acronym, stands for North American Free Trade Agreement
It is one of the world’s largest free trade zones
It demonstrates how free trade increases wealth and competitiveness, delivering real benefits to families, farmers, workers, manufacturers, and consumers
Why was NAFTA established?
It was established to make trade between Canada, Mexico, and the U.S. less restrictive. Business between the 3 nations would be regulated and controlled much like it is between the states. Which would encourage trade interaction between them, and less with other foreign governments.
What is the objective?
The main objective of this international accord was to establish and promote free trade in North America. Once enforced, NAFTA removed tariffs on most goods imported and exported between the three countries involved in the agreement.
When was NAFTA established?
NAFTA was signed on 1992 yet came into effect January 1st 1994
Some other objectives:
To increase cooperation for improving working conditions in North America
To create an expanded and safe market for goods and services produced in North America
To establish clear and mutually advantageous trade rules
To help develop and expand world trade and provide a catalyst to broader international cooperation
To reduce trade barriers
Pros & Cons of NAFTA
NAFTA Decreased Tariffs
NAFTA Increased Trade Between the U.S., Mexico and Canada
NAFTA Increased Industrial Integration Between the U.S. and Mexico
NAFTA Created Jobs for U.S. Workers (NAFTA supports about 5 million U.S. jobs)
Mexican Workers Have Benefited Less Than Expected
Canadians lost a lot of jobs
In the last 6 years, we have lost 350,000 manufacturing jobs. That’s like 150 good jobs disappearing every day
The job loss is hitting many different industries all over the country: auto, food processing, forestry products, textiles, metals, furniture etc.
Too many of the new jobs being created today are low-paying, insecure jobs with fewer benefits, particularly for women
Canada is increasingly becoming a society with a gap in wealth growing every year
Canada's Job Loss Continued...
More free trade resulting in greater choices in goods and services
Lower prices and improved quality products
Stronger health and safety standards
Improved economic stability in the Marketplace
A marketplace that is increasingly driven more by supply and demand than by barriers to commerce
How is NAFTA fairing?
Larger North American market access
New export and investment opportunities
Elimination of tariffs; Canadian and U.S. tariffs were eliminated on January 1, 1998; Mexico was also duty free in the year 2008 for North American made products
Creation of strong "rules of origin" for North American made products
Effective procedures to resolve trade disputes
Establishment of compatible standards of goods between the three countries
Facilitation of cross-border movement of goods and services
How is NAFTA fairing cont'd...
As we approach the agreement's 20th anniversary, contemplation of the benefits and costs that have been attributed to NAFTA can help U.S. leaders consider how to best approach trading relationships, not just with Mexico and Canada, but with all foreign countries.
1. What does NAFTA stand for?
2. Can you name any objective that the agreement may have?
3. Can you name a pro or con of NAFTA?
4. Now that we've presented you with information on NAFTA, do you think NAFTA is an agreement that will be around in the long run?