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Mary R. Brooks

When the North American Free Trade Agreement (NAFTA) came into effect in 1994, it promised new trade opportunities, significantly improved access to the Mexican market for Canadian and United States exports, and increased total trade through the phased elimination of tariffs over ten years. In addition to the promise of more goods to carry by virtue of freer trade in goods, NAFTA provided a timetable for the removal of standards-related barriers, in particular with respect to the provision of land transport services between NAFTA countries. The three countries

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Norris C. Clement, Gustavo del Castillo Vera, James Gerber, William A. Kerr, Alan J. MacFayden, Stanford Shedd, Eduardo Zepeda and Diana Alarcón

Page 279  8. NAFTA and Beyond  In previous chapters we developed the theory and history underlying NAFTA's creation. Then we examined the content of the agreement itself and its two side  agreements. Now we turn to the question of how NAFTA is working in practice since its implementation in January 1994 and speculate on where it might go in the  future. Given the complexity of the agreement and its many economic, social and environmental implications, we will limit our discussion to those topics which we  believe have most relevance to the readers.  In

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R. Quentin Grafton, Harry W. Nelson, N. Ross Lambie and Paul R. Wyrwoll

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2014 marks the 20th anniversary of the North American Free Trade Agreement (NAFTA) between Canada, the United States and Mexico. The accord aimed to liberalize trade and investment, and in the process create one of the largest trading blocs in the world. But NAFTA almost wasn’t. While the agreement was signed by George W. Bush, Brian Mulroney and Carlos Salinas in 1992, it still needed to be ratified by each country’s legislative assemblies. Yet, during this time, some governments changed, potentially derailing the accord. In Canada in particular, the Federal

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Norris C. Clement, Gustavo del Castillo Vera, James Gerber, William A. Kerr, Alan J. MacFayden, Stanford Shedd, Eduardo Zepeda and Diana Alarcón

Page 5  1. NAFTA in the Global Context.  Readers of this book are conscious of a trend toward increasing internationalization the of economic life as imported goods flood national markets and foreign  corporations become more noticeable. People involved in business have also become aware of the growing importance of international economic organizations such as  the World Trade Organization (WTO) and the International Monetary Fund (IMF) which have been created to coordinate the global economy. The North American  Free Trade Agreement (NAFTA

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Rafael Leal-Arcas

14. Comparison between the WTO and NAFTA Because of the political nature of WTO and NAFT A disputes, the rules yield benefits and drawbacks for parties involved in each system. This chapter will look at some factors that determine the effectiveness of the system by examining each of the potential advantages and disadvantages from the perspective of the winning and losing parties. 1.WTO 1.1. Advantages 1.1.1. Losing respondent While the losing party is constrained by the detailed series of rules under the DSU, one advantage of the system is that it has a variety

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M. Dutta

Page 269  29  The North American Free Trade Area (NAFTA)  Following fast track action by the President and Congress of the United States and parallel actions by Canada and Mexico, the North American Free Trade Area of  the three sovereign economies became operational on January 1, 1994. Indeed, it broadened the Free Trade Area Agreement of Canada and the United States, signed  in 1988, effective from January 1, 1989. The only other Free Trade Area Agreement the United States had signed was with Israel in 1985. The U.S.­Isreal Agreement  is

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Rafael Leal-Arcas

13. An Overview of the WTO and the NAFTA 1. BACKGROUND The WTO's Dispute Settlement system has its roots in the 1947 General Agreement on Tariffs and Trade (GATT), which provided a procedural platform for dispute settlement and established guiding principles for periodic multilateral negotiations on a product-by-product basis. The dispute settlement mechanism of the WTO is a forum introduced in 1995 that parties may use to assert their rights under multilateral trade agreements. It prohibits a WTO Member from resorting to unilateral action in response to alleged

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Susan Pozo

5. Dollarization and illegal immigration: implications for NAFTA Susan Pozo INTRODUCTION When economists were asked to predict the impact of NAFTA on illegal immigration from Mexico to the USA, there were two opposing responses. Some argued that illegal immigration would increase, while others argued instead that illegal immigration would decrease.1 The former argued that restructuring the Mexican economy in response to trade liberalization would raise the Mexican unemployment rate and increase US/Mexican wage differentials. The incentive to migrate would

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William C. Gruben and Jahyeong Koo

4. Does NAFTA move North America towards a common currency area? William C. Gruben and Jahyeong Koo Introduction Following the inception of the North American Free Trade Agreement on 1 January 1994, the idea of a common currency area that includes the three nations of NAFTA has received much public attention. This should not be surprising. When someone borrows from abroad, devaluation risk may be factored into the borrowing cost when the lenders’ country and the borrowers’ country do not use the same currency – sometimes even if the loan is denominated in the