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Potential Emphasis of NAFTA in the Us, Mexico and Canada: Ken Research

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Title: Potential Emphasis of NAFTA in the Us, Mexico and Canada: Ken Research


1
Potential Emphasis of NAFTA in the Us, Mexico and
Canada Ken Research
2
The North American Free Trade Agreement (NAFTA)
is a treaty signed by Canada, Mexico and the
United States creating a mutual trade alliance in
North America. The treaty was signed in 1992 and
was effective from January 1st 1994. NAFTA was
originally created to heighten financially viable
integration in the USA, Mexico and Canada and its
vision was to increased economic prosperity in
these countries. The main concept of NAFTA was to
make it easy for companies in these countries to
accomplish domestic businesses.
3
  • According to the market research report,
    Publishing North America (NAFTA) Industry Guide
    2017", NAFTA eliminated tariffs on all goods
    traded across the three nations. Any one of the
    countries can withdraw themselves from NAFTA,
    after giving a six months notice period. A
    research on NAFTA states that there was a mixed
    effect on the US labour force. Somehow few
    industries have shrunk and others have grown. In
    addition, few production industries were moved to
    Mexico resulting in plant shutdowns and mass
    layoffs, regardless of trade. As stated by NAFTA
    supporters, there was neither huge unemployment
    nor a large economic gain. The most affected
    workers are those who depended heavily on tariff
    protections in place prior to NAFTA. The affected
    industries wage growth dropped by 17 compared to
    the wage growth in unaffected industries.
  • As per the Council on Foreign Relations (CFR),
    NAFTA has given a major boost to Mexican farm
    exports to the US, which has tripled since
    NAFTA's introduction. In Mexico, Mexican
    manufacturing jobs were

4
  • created in thousands, which positively impacted
    the Mexican productivity and consumer prices. The
    Mexicos economy started to grow rapidly from the
    year 1993, but poverty sill remains same as it
    was in the year 1993 with increase in
    unemployment. NAFTA deepened Mexico's dependency
    on food imports rather than fulfilling its
    promise of providing cheaper food to Mexicans.
  • Canada witnessed strong growth in cross-border
    investment as per CFR. The USA and Mexican
    investments in Canada have tripled and
    specifically Canadian agriculture was boosted.
    The employment in Canadian manufacturing
    industries was steady. Also, the productivity gap
    between the Canadian and US economies remains
    liberal.
  • Commercial samples should not exceed US 1 or
    equivalent Canadian or Mexican currency and
    samples can be imported duty free if they are
    marked torn or perforated or unsuitable for
    sales. The importing country has the right to
    deny NAFTA if NAFTA regulations are not

5
followed and if the goods are not manufactured in
one of the NAFTA countries. All goods purchased
in Canada, Mexico and the united States are
subject to customs duties and taxes. The amount
of customs duties charged is based on the
individual country and their corresponding tariff
system. The director of emerging markets
investment strategy at UBS Wealth Management
reported that Mexico is standing at a crossroad.
Even if Mexico achieves growth of above 2, it
still has a long way to go before it can achieve
the annual growth rates of 5. The Bank of Mexico
is confident that it would reach the target by
the end of next year. To achieve this target
Mexico needs to accelerate implementation of
structural reforms and tackle the countrys
economy. The Mexican government also needs to
deal with issues such as widespread corruption,
crime and a low-quality education system, in
order to boost the sluggish productivity.
6
  • Each NAFTA country is seeking more open trade
    relationships with non-NAFTA countries searching
    for new markets for agricultural and
    non-agricultural products. NAFTA countries
    exhibit a tremendous development towards removing
    trade barriers within the countries worldwide.
    The worlds population is expected to grow from
    6.9 billion to 8.3 billion over the next two
    decades. Therefore, all the nations worldwide
    anticipate increasing their productions in
    agriculture or non-agriculture products as per
    the needs of the growing population.
  • All the attempts for cross country trading, the
    NAFTA regions will show a huge growth and growing
    markets in the years to come. Out of the NAFTA
    countries, US is expected to have an increasing
    population in the next two decades compared to
    Mexico and Canada. As per the researchers,
    demographic dividend, diminished pressure on
    social service budget, facilitate higher saving
    rates, larger investments in education, focus on
    capital-intensive economic activities and many
    more factors that can lead to higher rate of
    economic growth.

7
NAFTA simplified numerous complications by
eliminating tariffs, quotas, import licensing
requirements, and other policies. Better decision
making and countrys hopes are a great foundation
for NAFTA prosperity. Key Topics Covered in the
Report NAFTA Industry Market Research
Report NAFTA Industry Guide Mexico Farm
Exports North America Industry Trade Market NAFTA
Norms on Food Production Output NAFTA Norms on
Import Volume NAFTA Industry Market Share NAFTA
Industry Market Size NAFTA Industry Market Trends
8
For further reading click on the link
below https//www.kenresearch.com/media-and-enter
tainment/information-services-newspaper-and-magazi
nes/publishing-north-america-nafta-industry-guide-
2017/110431-94.html Related reports https//www.
kenresearch.com/media-and-entertainment/informatio
n-services-newspaper-and-magazines/fti-consulting-
inc-fcn/18204-94.html https//www.kenresearch.com
/media-and-entertainment/information-services-news
paper-and-magazines/heidrick--struggles-internatio
nal-inc-hsii/18255-94.html
9
Contact Ken Research Ankur Gupta, Head
Marketing Communications query_at_kenresearch.com
91-124-4230204
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