NAFTA

NAFTA In January 1994, the United States, Mexico, and Canada implemented the North American Free Trade Agreement (NAFTA). The goal of NAFTA is to create better trading conditions through tariff reduction, removal of investment barriers, and improvement of intellectual property protection. NAFTA continues to gradually reduce tariffs on set dates and aims to eliminate all tariffs by the year 2004. Before NAFTA was established, investing in Mexico was a difficult process. Investors needed the Mexican Government's approval …

…the European Union holds the position of dominance, as many EFTA countries have defected to the EU over the years. The EFTA's minority power in Europe and the simple reality of its size may cause many countries to brush it aside. While it has united with the European to Union to accomplish many things such as the European Economic Area, it might be more effective if it could handle more significant matters on its own.