Which Three Countries Are Members Of The North American Free Trade Agreement
In 2015, the Congressional Research Service concluded that “NAFTA`s overall net impact on the U.S. economy appears to be relatively small, not least because trade with Canada and Mexico accounts for a small percentage of U.S. GDP. However, there have been adjustment costs for workers and businesses as the three countries have prepared for more open trade and investment between their economies. The report also estimated that nafta has added $80 billion to the U.S. economy since its inception, a 0.5% increase in U.S. GDP.  The North American Free Trade Agreement (NAFTA), which came into force in 1994 and created a free trade area for Mexico, Canada and the United States, is the most important feature of bilateral trade relations between the United States and Mexico. On January 1, 2008, all tariffs and quotas for U.S. exports to Mexico and Canada were eliminated under the North American Free Trade Agreement (NAFTA).
The debate on the impact of NAFTA on its signatory countries continues. While the United States, Canada and Mexico have experienced economic growth, higher wages and stronger trade since nafta, experts disagree on the extent to which the agreement has actually contributed to these benefits, if at all, to manufacturing employment. , immigration and consumer goods prices. The results are difficult to isolate and other important developments have occurred on the continent and around the world over the past quarter century. In 1984, Congress passed the Trade and Customs Act, which gave the president quick power to negotiate free trade agreements. He only allowed Congress to approve or disapprove of Congress, and he could not change the negotiating points. It is impossible to isolate the effects of NAFTA in the larger economy. For example, it is difficult to say with certainty what percentage of the current U.S. trade deficit, which reached a record $65,677 million at the end of 2005, is directly attributable to NAFTA. It is also difficult to say what percentage of the 3.3 million manufacturing jobs that were lost in the United States between 1998 and 2004 is the result of NAFTA and what percentage would have been created without this trade agreement.