International Economic

World Trade and Economics

Introduction
The world trade organization has played a significant role in governing the smooth functioning of trade worldwide. The GATT (General Agreement on Tariffs and Trade) and the TBT (technical barriers to Trade) have both helped standardize global trade. Let us analyze the consequences of NAFTA and its impact on the American economy.

The NAFTA and the economic impact on U.S

The NAFTA (North American Free Trade Agreement) is an extensive trade liberalization pact between America, Canada and Mexico, the three North American nations. This agreement, which began in January 1st, 1994, and ends on January 1st, 2008 was aimed primarily at reducing the trade barriers and to facilitate trade cooperation between these nations. Particularly the agricultural sector has benefited immensely from this pact as it allows a stable product and price situation for all commodities irrespective of any accidental and adverse natural conditions. Other tha...