Slide 1: Title
In January 1994 there was a new development; the North American Free Trade Agreement (NAFTA) was instituted between the United States, Mexico, and Canada creating the largest free trade area and richest market in the world. This one of the most important and wide-reaching treaties in the world. A treaty between Canada, Mexico, and the United States that was designed to foster greater trade between the three countries. It was one of interesting prospect and looked upon as the start of globalization. The attempt was to help with financial situations involving the all countries in the North American continent, especially those of United States, Mexico, and Canada. One major problem encountered were the economic
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In 1911 President William Howard Taft signed a mutual beneficial trade agreement with Canadian Prime Minister. However it did not stick after a bitter election it was rejected by the Canadians. In 1965, the United States and Canada signed the U.S.-Canada Automotive Products Agreement that encouraged free trade in cars, trucks, tires, and automotive parts between the two countries. The Auto Pact was credited as a pioneer in creating an integrated North American automotive sector. The 1980s was the start of Mexico’s attempt to free trade .The government had been implementing reform measures to help boost its economy. By 1990, when NAFTA negotiations began, Mexico had already taken significant steps towards free trade market. The market opening provisions of the agreement gradually eliminated all tariffs and most nontariff barriers on goods produced and traded within North America over a period of fifteen years after it entered. Some tariffs were eliminated immediately, while others were phased out in various schedules of five to fifteen years. U.S. import-sensitive sectors, such as glassware, footwear, and ceramic tile, received longer phase-out schedules.
So the concept behind NAFTA has been in the process or development for years before it was introduced. The idea of moving goods and promoting economic growth to open the borders has been a long arduous journey only made possible by those who truly understand economics. NAFTA