North American Free Trade Agreement
- North American Free Trade Agreement
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➡ NAFTA.
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▪ Canada-United States-Mexico [1992]
trade pact signed in 1992 that would gradually eliminate most tariffs (
tariff) and other trade (
free trade) barriers on products and services passing between the United States, Canada, and Mexico. The pact would effectively create a free-trade bloc among the three largest countries of North America.
NAFTA was inspired by the success of the European Community in eliminating tariffs in order to stimulate trade among its members. A Canadian-U.S. free-trade agreement was concluded in 1988, and NAFTA basically extended this agreement's provisions to Mexico. NAFTA was negotiated by the administrations of U.S. president George Bush (
Bush, George), Canadian prime minister Brian Mulroney (
Mulroney, Brian), and Mexican president Carlos Salinas de Gortari (
Salinas de Gortari, Carlos). Preliminary agreement on the pact was reached in August 1992, and it was signed by the three leaders on December 17, 1992. NAFTA was ratified by the three countries' national legislatures in 1993 and went into effect on January 1, 1994.
NAFTA's main provisions called for the gradual reduction of tariffs, customs duties, and other trade barriers between the three members, with some tariffs being removed immediately and others over periods of as long as 15 years. NAFTA ensured eventual duty-free access for a vast range of manufactured goods and commodities traded between the signatories. Other provisions were designed to give U.S. and Canadian companies greater access to Mexican markets in banking, insurance, advertising, telecommunications, and trucking.
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Universalium.
2010.
Look at other dictionaries:
North American Free Trade Agreement — n. A free trade agreement between the United States, Canada, and Mexico. abbrv. NAFTA The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. North American Free Trade Agreement … Law dictionary
North American Free Trade Agreement — NAFTA redirects here. For other uses of the acronym, see Nafta (disambiguation). North American Free Trade Agreement Tratado de Libre Comercio de América del Norte (Spanish) Accord de Libre échange Nord Américain (French) … Wikipedia
North American Free Trade Agreement — ( NAFTA) A regional trade pact among the United States, Canada, and Mexico. Bloomberg Financial Dictionary * * * North American Free Trade Agreement North American Free Trade Agreement ➔ NAFTA * * * ► See NAFTA. * * * North American Free Trade … Financial and business terms
North American Free Trade Agreement — Accord de libre échange nord américain Accord de libre échange nord américain (ALENA) Membres de l ALENA Création … Wikipédia en Français
North American Free Trade Agreement — Gründung 1. Januar 1994 … Deutsch Wikipedia
North American Free Trade Agreement — (NAFTA) This is a free trade agreement that went into effect on January 1, 1994 between the United States, Canada, and Mexico. NAFTA called for the immediate elimination of duties on half of all goods shipped to Mexico and the gradual phasing… … Historical Dictionary of the Fashion Industry
(the) North American Free Trade Agreement — the North American Free Trade Agreement [the North American Free Trade Agreement] ; » ↑NAFTA … Useful english dictionary
North American Free Trade Agreement - NAFTA — A trade agreement between Canada, the United States and Mexico that encourages free trade between these North American countries. The agreement, implemented on January 1, 1994, is based on the premise that removing as many tariffs as possible… … Investment dictionary
North American Free Trade Agreement — noun an agreement for free trade between the United States and Canada and Mexico; became effective in 1994 for ten years • Syn: ↑NAFTA • Hypernyms: ↑free trade … Useful english dictionary
North American Free Trade Agreement — (NAFTA) Agreement creating free trade among the United States, Canada, and Mexico. The NAFTA went into effect on January 1, 1994 … Dictionary of automotive terms
