What is NAFTA and what were the major pros and cons of its implementation?
The first parts of the North American Free Trade Agreement went into effect in the mid-1990's, which among other things eliminated tariffs between the United States, Canada, and Mexico. The major benefit in removing tariffs was that it supposedly stimulated trade between the three countries, which would have led to more market choices of better quality at cheaper prices, as would be expected from a level competitive field. However, the major detriment was the loss of jobs as companies relocated. Furthermore, some claim that the Agreement had nothing to do with establishing free trade among the three countries, but was really designed to integrate a continental economy and lay down rules to govern it, as dictated by the World Trade Organization. Expansion into of NAFTA into Central America appears to be at hand. See detailed pros and cons at the links: