NAFTA

The North American Free Trade Agreement (NAFTA) is the world’s largest free trade agreement with three signatories, namely Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. Through NAFTA, the three signatories removed trade barriers between them, through eliminating all tariff and non-tariff barriers, increasing their competitiveness in the global marketplace, allowing them to better compete with China and the European Union. The barriers eliminated related to agriculture, manufacturing, and services, increasing trade and economic growth. In 2018, NAFTA was renegotiated, emerging under a new name, USMCA.