The defining moment that I chose is North American Free trade Agreement. Free trade Agreement is buying and selling goods between countries without any tariffs or custom duties. The North American Free trade agreement was signed by Jean Chrétien of Canada, Bill Clinton of United States and Carlos Salinas de Gortari of Mexico in 1993. This created the world's largest trade linking 370 million across three countries. The main reason behind establishing the North American free trade agreement (NAFTA) was to eliminate all the trade barriers, and facilitate the cross border movements of the goods and services.
This event is a defining moment for Canada because the NAFTA benefited Canada's economy in a vast way. And at the same time it raised many questions on Canada's sovereignty and independence.
Advantages
1. Canadian producers gain access to market that is ten times larger than our own.
2. Reduction of Mexican barriers will provide new markets and opportunities for Canadian goods and services.
3. Consumers will pay lower prices of the goods they buy.
4. Increased Canadians exports allow Canadian companies to make longer and more economical production runs.
5. Foreign investors are attracted to Canada because of the world's largest trade agreement set between the three countries.
6. Economic prosperity means Canadians can spend more on research and development.
7. More Canadian jobs are created.
Disadvantages
1. Canadians will lose control of their independence
2. More Canadians will become Americanized.
3. Poorer areas of the countries will get even poorer.
4. Canada will send too many of its natural resources out of the country and our supply is limited.
5. Canada's service industry will be threatened by larger American Competitors.
Even though, because few of NAFTA's disadvantages, the research show that NAFTA has definitely benefited all the three North American countries.