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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 United States–Mexico–Canada Agreement is based substantially on the North American Free Trade Agreement (NAFTA), which came into effect on January 1, 1994. The present agreement was the result of more than a year of negotiations including possible tariffs by the United States against Canada in addition to the possibility of separate bilateral deals instead.
February 1, 2009 Peru–United States Trade Promotion Agreement [22] [23] Singapore: 1 May 6, 2003 January 1, 2004 Singapore–United States Free Trade Agreement [24] [25] South Korea: 1 June 30, 2007 March 15, 2012 United States–Korea Free Trade Agreement [26] [27] USMCA Canada Mexico: 2 November 30, 2018 July 1, 2020 United States–Mexico ...
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The President of the United States and the President of Mexico are pictured here at a 1992 initialization ceremony for NAFTA. The North American Free Trade Agreement of 1994's effects on Mexico have long been overshadowed by the debate on the Agreement's effects on the economy of the United States.
According to the United States-Mexico-Canada Agreement (USMCA), the trade deal that replaced NAFTA in 2020, 75% of each passenger vehicle must be made in North America to avoid tariffs.
A 2015 study found that US welfare increased by 0.08% as a result of the NAFTA tariff reductions, and that US intra-bloc trade increased by 41%. In 2015, the Congressional Research Service concluded that the "net overall effect of NAFTA on the U.S. economy appears to have been relatively modest, primarily because trade with Canada and Mexico ...
Canada's point person for U.S-Canada relations said Tuesday she shares U.S. concerns about Mexico serving as a back door for China to import cheaper goods into the North American market as a ...