NAFTA

NAFTA, or the North American Free Trade Agreement, was a trade agreement established in 1994 between the United States, Canada, and Mexico. Its main goal was to reduce trade barriers, such as tariffs, to promote economic cooperation and boost trade among the three countries. By facilitating easier access to each other's markets, NAFTA aimed to increase economic growth and create jobs. While it helped enhance trade, it also faced criticism for impacting labor and environmental standards. In 2020, it was replaced by the United States-Mexico-Canada Agreement (USMCA), which updated many aspects of the original pact.