On January 1, 1994, Canada Free Trade Agreement (CFTA) added Mexico in the agreement and formed the North American Free Trade Agreement; better known as NAFTA. The purpose of NAFTA was not only to eliminate trade barriers but also to increase cross-border movement of goods and services, increase investment opportunities and promote fair competition. It was also meant to remove duties on about half of the items imported to Mexico and Canada, to reduce taxes on items.
NAFTA is now the largest free trade zone with more than 406 million people producing more than 11 billion goods and services. It has also been recently updated with the North American Agreement of Economic Cooperation (NAAEC) and the North American Agreement for Labor Cooperation (NAALC).
NAAEC was made in parallel with NAFTA. It requires each country to ensure its laws provide environmental protection without lowering standards to attract investments. All environmental laws were agreed to be enforced through......
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