NAFTA (North American Free Trade Agreement)

The North American Free Trade Agreement (NAFTA), implemented in 1994, was a trade deal between the United States, Canada, and Mexico. It aimed to eliminate tariffs and other trade barriers, promoting free trade and economic cooperation among the three countries. By reducing costs for businesses and consumers, NAFTA encouraged cross-border investment and job creation. However, it also faced criticism for job losses in certain industries and concerns about labor and environmental standards. In 2020, NAFTA was replaced by the United States-Mexico-Canada Agreement (USMCA), which updated and revised many of the original provisions.