North American Free Trade Agreement (NAFTA) 1
North American Free Trade Agreement (NAFTA) 1 :
A free trade agreement which binds the United States, Canada and Mexico. In 1992 it was announced by President George Bush of the United States that the leaders of the three countries had approved such an agreement, which was subsequently to be ratified by each one. It was ratified by the US Congress in November 1993. The first step towards the NAFTA was taken on 4 October 1987 when Canada and the United States of America signed the substantial elements of the Canada - United States Free Trade Agreement (CFTA). NAFTA was primarily conceptualized to help North American countries compete against the growing Free Trade Zones of Europe and Asia. Its stated objective is to lower or eliminate tariffs among its member states
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