The OBJECTIVE of NAFTA was to remove barriers to trade and investment between the United States, Canada and Mexico. The implementation of NAFTA on January 1, 1994 resulted in the immediate removal of tariffs on more than half of Mexican exports to the United States and more than one-third of U.S. exports to Mexico. Within 10 years of the implementation of the agreement, all U.S.-Mexico tariffs should be eliminated, with the exception of some U.S. agricultural exports to Mexico, which are expected to expire within 15 years.  Most of the trade between the United States and Canada was already duty-free. NAFTA also aimed to remove non-tariff barriers and protect intellectual property rights on marketed products. In its May 24, 2017 report, the Congressional Research Service (CRS) wrote that the economic impact of NAFTA on the U.S. economy was modest. In a 2015 report, the Congressional Research Service summarized several studies as follows: „In reality, NAFTA did not cause the huge job losses that critics feared, nor the significant economic benefits predicted by supporters. The overall net effect of NAFTA on the U.S.
economy appears to have been relatively small, not least because trade with Canada and Mexico accounts for a small percentage of U.S. GDP. However, there have been adjustment costs for workers and businesses as the three countries have prepared for more open trade and investment between their economies. :2 Economists generally agreed that the U.S. economy as a whole benefited from NAFTA by increasing trade.   In a 2012 survey by the Global Markets Initiative`s panel of economic experts, 95% of participants said that U.S. citizens benefited on average from NAFTA, while no one said that NAFTA was detrimental to U.S. citizens on average.  A review of the 2001 Journal of Economic Perspectives showed that NAFTA was a net benefit to the United States.  A 2015 study showed that welfare in the United States increased by 0.08% and intra-block trade in the United States by 41% due to NAFTA tariff reductions.  On April 24, 2020, U.S. Trade Representative Robert Lighthizer formally informed Congress that the new trade agreement is expected to enter into force on July 1, 2020, and informed Canada and Mexico.   The North American Free Trade Agreement (NAFTA) is a treaty of the United States, Canada and Mexico.
it came into force on 1 January 1994. (Since 1989, there has been free trade between the United States and Canada; NAFTA has extended this regime.) On that day, the three countries became the largest free market in the world – the combined economies of the three nations were $6 trillion and directly affected more than 365 million people. NAFTA was created to remove customs barriers for agriculture, manufacturing and services; Eliminating restrictions on investment protection of intellectual property rights. This should be done while respecting environmental and labour concerns (although many observers point to the fact that the three governments have been negligent in environmental and safety at work since the agreement came into force). Small businesses were among those expected to benefit the most from the removal of trade barriers, as this would reduce trade activity in Mexico and Canada and reduce the administrative burden associated with importing or exporting goods. The United States