NAFTA Agreements

NAFTA transformed Mexico, the U.S. and Canada into a free trade zone.

The North American Free Trade Agreement (NAFTA) created a free trade zone between the U.S., Canada and Mexico. NAFTA went into effect on Jan. 1, 1994. Canada and Mexico are now the two leading importers of U.S. goods and services.

Signing Ceremonies

The NAFTA agreement was signed on Dec. 17, 1992. The signers were U.S. President George H. W. Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas De Gortari. Each leader signed a copy in their capital cities.

Initiation

NAFTA was gradually put into effect. By 2008, there were no trade barriers or tariffs between the three member nations.

Benefits

Prior to NAFTA, Mexico's tariffs were 250 percent higher than U.S. tariffs. The elimination of these tariffs boosted trade between Mexico and the U.S. Mexico is now the third-largest importer of U.S. agricultural products.

References

• Office of the United States Trade Representative: North American Free Trade Agreement
• Fina-Nafi: NAFTA Timeline