Good Essay Excellent! NAFTA The North America market is one of the richest in the world. Measured in terms of GDP, it is the equivalent of Western Europe. But with a somewhat smaller population, GDP per capita in North America, Canada, Mexico and the U.S., is around 12 percent higher than in Western Europe. The North American Free Trade Agreement (NAFTA), which came into effect January 1, 1994, sets out the schedule for tariff elimination for members.. …showed first 75 words of 3759 total…

…showed last 75 words of 3759 total…m a nationalized, protected economy to one governed by market-oriented principles. Canada's participation in the Agreement can be seen as a defensive maneuver to ensure that NAFTA would not dilute the Canadian benefits of origin of goods so that free trade status is effective among the NAFTA countries. Generally, 50 % of the tariffs between the U.S. and Mexico has been eliminated immediately, 65 % will be by 1999. Most U.S.-Canada tariffs will be phased out by 1998.