What was the main objective of the NAFTA agreement? 🔊
The main objective of the NAFTA (North American Free Trade Agreement) agreement, which was implemented in 1994, was to eliminate trade barriers among the United States, Canada, and Mexico, fostering free trade and economic cooperation. The agreement aimed to boost economic growth, increase trade volume among the three nations, and enhance competitiveness in the global market. By reducing tariffs and facilitating the movement of goods and services, NAFTA aimed to create jobs and improve consumer choice. While it successfully increased trade between the countries, it also faced criticism for its impact on labor markets and the environment, sparking debates around trade policy.
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