Name the three countries that signed the agreement and briefly describe NAFTA's purpose and motivation behind it?U.S History research
NAFTA has a preamble that states what the goal of NAFTA is and must be followed. Here are some of them:
- the three nations will have a closer bond and work together cooperatively
- they will all contribute to world trade
- expand their markets for goods
- have clear rules for trade
- enhance competitiveness in the world trade market
- be creative and innovative
- safeguard public welfare
- promote development
- protect the workers basic rights
Many people feel that NAFTA caters too much to the big businesses in North America and does not support Mexico as it should. It has created jobs in Mexico but the pay is not very high.
NAFTA was signed signed by President George Bush in 1992 but it took some time before it was passed by congress.
Briefly, the three countries that signed the North American Free Trade Agreement were the United States, Canada, and Mexico. Their purpose, and the motivation behind the pact, was to increase the amount of trade between the three countries. They believed that this would help all three countries.
Economists argue that free trade between countries will always help all countries in the long run. The people who negotiated this agreement believed this idea. That is why they wanted a free trade agreement -- they thought it would help all three countries' economies.
NAFTA is acronym for North American Free Trade agreement, which is an economic pact signed between the United States, Canada and Mexico. This agreement came into force on January 1, 1994
The purpose of this trade agreement was to increase free trade between these three countries which was expected to benefit economically all the three countries. NAFTA called upon the signatory countries to gradually reduce and finally eliminate export and import tariffs, trade quotas and other trade barriers between them.