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Word Count: 611
Over the course of time and events countries have sought to join with one another to advance their national economic interests The promise of free trade is the increase in the flow of goods and services across borders will improve the standard of living for the people on both sides of a border The North American Free Trade Bloc was setup between The United States and Canada five years before NAFTA Mexico was rethinking its approach to international trade The reform was increased by an oil price collapse As a result from this Mexico joined the General Agreement on Tariffs and Trade GATT in 1986 On August 12 1992 Canada Mexico and The United States announced their intention of creating a free trade zone It would be the biggest tri-lateral trade relationship in the world The NAFTA countries are one of the biggest combined markets 370 million people in the world with an estimated gross domestic product of US62 trillion The European community is only 325 million people Some important issues on NAFTA are labor costs illegal immigrants and environmental problems pollution When NAFTA went into effect about half of the agricultural products had the tariffs cut immediately but import important items- orange juice corn beans and sugar etc- will be phased out over a period of fifteen years In December of 1994 the Mexican peso went from 35 per US dollar to 65 per US dollar Mexico built a huge debt The Clinton Administration helped Mexico with 50-billion dollars 20 billion of that being from the International Monetary Fund In the last two decades US-Mexico trade has increased ever since 1994 the annual bilateral trade has increased 815 billion annually The price of products from Mexico were all of the sudden cheaper for Americans while American products were more expensive for Mexicans this led to a trade deficit for the United States Critics of NAFTA say it is taking jobs away
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