A trilateral economic bloc in North America was established when Canada, Mexico, and the United States signed the North American Free Trade Agreement.
<h3>What is meant by NAFTA?</h3>
A trilateral economic bloc in North America was established when Canada, Mexico, and the United States signed the North American Free Trade Agreement. The 1988 Canada-United States Free Trade Agreement between the two countries was replaced by the new agreement when it went into effect on January 1st, 1994.
The goal of NAFTA was to promote trade between Canada, the United States, and Mexico, the three major economic powers in North America. The agreement's supporters thought that by encouraging freer commerce and lower tariffs between Canada, Mexico, and the United States, it would be advantageous for the three parties.
In 1994, Canada, Mexico, and the United States signed the historic NAFTA trade agreement. Although it was criticized in the US for causing job losses and outsourcing, it did help to increase trade between the three nations and integrate their economies. NAFTA's main goal was to boost the three North American economic superpowers' economic activity.
To learn more about NAFTA refer to:
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