1994 - North American Free Trade Agreement
On January 1, 1994, the North American Free Trade Agreement went into affect, establishing a free trade zone between Canada, Mexico and the United States. Most tariffs for products traded between the three counties were eliminated, with all being phased out by 2008. As you might guess, NAFTA is a complicated document incorporating rules and regulations from all three countries. The FAQ section on the NAFTA Secretariat site answers many of the basic questions about the treaty, but its main objectives are:
* eliminate barriers to trade between the countries,
* promote fair competition,
* increase investment opportunities,
* protect and enforce intellectual property rights,
* create procedures for implementation, administration and dispute resolution, and
* establish a framework for future cooperation.
