ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The United States commenced bilateral trade negotiations with Canada more than 30 years ago, resulting in the U.S.-Canada Free Trade Agreement, which entered into force on January 1, 1989. In 1991, bilateral talks began with Mexico, which Canada joined. The NAFTA followed, entering into force on January 1, 1994.

Detailed explanation-2: -The North American Free Trade Agreement (NAFTA) is an international agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994.

Detailed explanation-3: -North American Free Trade Agreement (NAFTA) established a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. NAFTA immediately lifted tariffs on the majority of goods produced by the signatory nations.

Detailed explanation-4: -The pact effectively created a free-trade bloc among the three largest countries of North America. NAFTA went into effect in 1994 and remained in force until it was replaced in 2020.

Detailed explanation-5: -The North American Free Trade Agreement (NAFTA) is signed into law by President Bill Clinton.