NAFTA: North American Free Trade Agreement

A free trade agreement comprising Canada, Mexico, and the United States. Tripartite negotiations to form NAFTA began among these countries in June of 1991 and were concluded in August of 1992. The United States Congress finally ratified NAFTA in November of 1993, and the agreement went into effect on 1st of January in 1994. NAFTA was expected to create a free trade area with a combined population of 356 million people and a GDP of more than US$6 trillion. Chile was expected to be incorporated into NAFTA as of 1st of January, 1995. 1
A multilateral agreement negotiated by the United States, Canada and Mexico that sets forth agreements to lower and/or eliminate unfair trade barriers that affect the trade of goods and services between the three countries. NAFTA entered into force on 1st of January, 1994. …