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Introduction to International BusinessNegative Effects on NAFTA5On the Mexican Side5NAFTA and the Free Trade Area of the Americans8The Future of Rules of Origin in NAFTA Trade8The North American Free Trade Agreement NAFTA which built on the 1989 US-Canada Free Trade Agreement CFTA is the most comprehensive regional free trade agreement ever negotiated It created the worlds largest free trade area 380 million people producing nearly 8 trillion dollars worth of goods and services On January 1 1994 the North American Free Trade Agreement entered into force One of the main objectives of the Agreement is the elimination of tariffs between Canada Mexico and the United States on qualifying goods by the year 1998 for originating goods from Canada and for originating goods from Mexico by the year 2008 Total North American trade increased from 293 billion in 1993 to 420 billion in 1996 a gain of 127 billion or 43 percent during NAFTAs first three years Mexico and Canada purchased 3 of every 10 in US exports and supplied 3 of every 10 in US imports in 1996 Thanks to NAFTA Mexican tariffswhich had averaged 10 percent before the trade agreement was implementednow average less than 6 percent while average US tariffs have fallen from 4 percent to about 25 percent As a result US exports to Mexico grew by 37 percent from 1993 to 1996 reaching a record 57 billion3 During this period US exports to Canada also increased by 33 percent to 134 billion Total two-way trade between the United States and Canada was 290 billion in 1996 while total two-way trade between the United States and Mexico was nearly 130 billion Moreover US market share in Mexico increased from 69 percent of total Mexican imports in 1993 to 76 percent in 1996 During NAFTAs first three years 39 of the 50 states increased their exports to Mexico moreover 44 states reported a growth in exports to Mexico during 1996 as the pace
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