Joe Timo teo English 015 NAFTA research Mrs. Jacobson November 12, 2003 NAFTA NAFTA or the North American Free Trade Agreement was signed by the United States, Canada, and Mexico in 1992, and took affect on January 1, 1994. The trade agreement raised the tariffs of the signatory countries. The agreement also calls for a gradual elimination of the crossing the border costs between the three countries. The major industries that were affected by this trade agreement include agriculture, automobile and textile manufacture, telecommunications, financial services, energy, and trucking.
The affect the agreement had on the United States is that there are increase imports from Mexico and Canada. However this agreement has had negative affects on several Caribbean countries because they have to compete with the cheaper untaxed goods of Mexico and Canada. The agreement has helped the economy and created jobs for all three signatory countries. NAFTA is a successful agreement that has helped many countries.
Many more countries are likely to join in the future of the North American Free Trade agreement. Many people think that this agreement hurts the poor and helps the rich. However this is untrue because it creates jobs and the current job loss has nothing to do with NAFTA. The agreement helps everybody transport goods tax free. Therefore boosts everyones economy and makes trading overall easier and cheaper then it previously was. NAFTA was created by George Bush but he ran out of time so the law was later passed be Bill Clinton in 1994.
The agreement is still in affect today.