What Does NAFTA Stand For and When Was the North American Free Trade Agreement Signed By the United States?

NAFTA stands for the North American Free Trade Agreement, which was signed by the United States, Canada, and Mexico in 1994.

It means that these countries can trade freely with one another without having to pay taxes or duties on the goods traded.

Since 2007, the trade bloc is the largest in the world in terms of combined purchasing power parity GDP of its members.

The goal of NAFTA was to eliminate barriers of trade and investment between the USA, Canada and Mexico.

Many economists have argued that NAFTA has been beneficial only to business owners and elites in all three countries, and has had negative impacts on the working class, such as farmers in Mexico who saw incomes fall, and U.S. workers in manufacturing industries who lost jobs.

About Karen Hill

Karen Hill is a freelance writer, editor, and columnist. Born in New York, her work has appeared in the Examiner, Yahoo News, Buzzfeed, among others.

Leave a Comment