The latest reports about NAFTA, signed back in 1992, are showing very positive results for the three countries in where and according to Thomson Reuters, Trade among NAFTA countries nearly quadrupled in nominal terms after the treaty took effect in 1994, and forecasting positive growths. Source: the economist
The NAFTA members meet at The North American Leaders’ Summit in Ottawa last June 29th. The summit has wrapped up following meetings between Canadian Prime Minister Justin Trudeau, U.S. President Barack Obama and Mexican President Enrique Peña Nieto.
The three presidents emphasized their commitment to free trade and integrated markets. “The integration of national economies into a global economy—that’s here. That’s done,” Mr. Obama said. “The question is under what terms are we going to shape that economy.”
Donald Trump this week said he would take steps to withdraw the U.S. from the North American Free Trade Agreement unless it could be renegotiated on more-favorable terms. If both gentlemen are aiming the same direction, is not yet clear. Free Trade Agreements are mostly more advantageous for the countries that are exporting the most.
From the Canadian side, Mr. Trudeau said the summit pointed to the benefits North American integration brings to middle-class households. “Our strategy is to highlight how much trade and positive agreements among our nations are good not only for the economy of the world and the economy of our countries, but it’s also good for our citizens,” he said.
The three leaders also discussed such issues as energy, trade, immigration, and regional and global cooperation. The leaders committed to a goal that “clean power”—electricity sources that don’t emit carbon—should account for 50% of their energy output by 2025, and said Mexico will join a U.S.-Canada pact to reduce methane emissions by up to 45% in less than a decade.
On Tuesday, Trudeau and Peña Nieto cleared away long-standing trade and travel irritants: Canada will lift its controversial visa requirement for Mexican visitors before the end of the year while Mexico will end restrictions on Canadian beef imports.