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. The agriculture portion of NAFTA effectively is three bilateral agreements; US/Mexico, Mexico/Canada, and US/Canada.
The US-Canada agricultural agreement in NAFTA was negotiated previously as part of the US-Canada Free Trade Agreement. 2
The NAFTA was signed at:
- Ottawa, on the 11th day and the 17th day of December 1992
- Mexico, D.F., on the 14th day and the 17th day of December 1992
- Washington, D.C., on the 8th day and the 17th day of December 1992.
Objectives of NAFTA
1. The objectives of this Agreement, including national treatment, most-favored-nation treatment and transparency, are to:
a) eliminate barriers to trade in, and facilitate the cross-border movement of, goods and services between the territories of the Parties;
b) promote conditions of fair competition in the free trade area;
c) increase substantially investment opportunities in the territories of the Parties;
d) provide adequate and effective protection and enforcement of intellectual property rights in each Party's territory;
e) create effective procedures for the implementation and...