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NAFTA GDP – 2012: IMF – World Economic Outlook Databases (October 2013) The North American Free Trade Agreement (NAFTA / ˈ n æ f t ə / NAF-tə; Spanish: Tratado de Libre Comercio de América del Norte, TLCAN; French: Accord de libre-échange nord-américain, ALÉNA) was an agreement signed by Canada, Mexico, and the United States that created a trilateral trade bloc in North America.
The WTO is one of the most effective trade agreements among nations. The WTO replaced the General Agreement on Tariffs and Trade (GATT) in 1995 and has 125 member nations.currently 164 member are part of WTO. Many believe GATT initiated rampant liberalization in trade in 1947 and its move contributed to the expansion of trade all over the world ...
The logic of formal trade agreements is that they outline what is agreed upon and specify the punishments for deviation from the rules set in the agreement. [1] Trade agreements therefore make misunderstandings less likely, and create confidence on both sides that cheating will be punished; this increases the likelihood of long-term cooperation ...
A successful agreement must be flexible and governments need to accept that it will need to evolve. Trade agreements must generate relevant reforms in areas such as customs documentation, but also more fundamentally in relaxing rules for cross-border transportation. Selling to new markets requires adequate finance.
The OED records the use of the phrase "free trade agreement" with reference to the Australian colonies as early as 1877. [9] After the WTO's World Trade Organization - which has been considered by some as a failure for not promoting trade talks, but a success by others for preventing trade wars - states increasingly started exploring options to conclude FTAs.
The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever. Free trade is treated as an idealistic option, and although realized within certain developed states ...
Under balanced trade, nations are required to provide a fairly even reciprocal trade pattern; they cannot run large trade deficits or trade surpluses. Fair trade involves allowing trade but taking into account other interests, such as dirigisme , protecting labor rights , environmentalism , etc.
International organizations, such as the United Nations (UN) and the World Trade Organization, are multilateral in nature. The main proponents of multilateralism have traditionally been the middle powers , such as Canada, Australia, Switzerland, the Benelux countries and the Nordic countries .