NAFTA can be defined as the North America Free Trade Agreement that allows for the elimination of ‘import quotas’ and ‘tariffs’ between Canada, Mexico and the United States.
Further Explanation:
It is an agreement among U.S.A, Canada and Mexico that was designed to eliminate tariffs between these countries. It was implemented on 1st January, 1994, and supersedes the Canada and the U.S.A free trade agreement that came into effect on 1st January, 1989.
A tariff is a ‘federal tax’ on exports or imports. It required the removal of ‘tariffs’ on half of the United States’ goods ‘shipped to Mexico’ and the ‘regular phase’ out of ‘other tariffs’ among the U.S., Mexico and Canada over a 14 year of period.
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Answer Details:
Grade: High School
Chapter: NAFTA
Subject: Social Studies
Keywords:
trade agreement, quotas, tariffs, federal tax, supersedes, import, export, regular phase
