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The North American Free Trade Agreement and the World Trade Organization

2 Pages 588 Words November 2019

Today I'm going to talk in-depth about two trade agreements. I'm going to explain their effectiveness of the agreement along with how the trade agreement works. The two trade agreements I am going to discuss are NAFTA (the North American Free Trade Agreement) and also the world trade organization.
First, let's talk about how these agreements work and how they are effective. NAFTA (North American Free Trade Agreement) is a three-country accord negotiated by the governments of Canada, Mexico, and the United States that entered into force in January 1994. The United States commenced bilateral trade negotiations with Canada more than 30 years ago, resulting in the U.S - Canada Free Trade Agreement, which entered into force on January 1, 1989. In 1991, bilateral talks began with Mexico, which Canada joined. The NAFTA followed, entering into force on January 1, 1994. Tariffs were eliminated progressively and all duties and quantitative restrictions, with the exception of those on a limited number of agricultural products traded with Canada, were eliminated by 2008. NAFTA is effective by eliminating all tariffs between the three countries. It also created agreements on international rights for business investors. That reduced the cost of commerce. It allows for investment and growth, especially for small businesses.
The next agreement I am going to discuss is the world trade organization. The World Trade Organization is an intergovernmental organization that is concerned with the regulation of international trade between nations. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The WTO has six key objectives: (1) to set and enforce rules for international trade, (2) to provide a forum for negotiating and monitoring further trade liberalization, (3) to resolve trade disputes, (4) to increase the transparency of decision-making processes, (5) to cooperate with o...

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