North american free trade agreement (NAFTA)

The North American Free Trade Agreement (NAFTA) is a trade agreement between Canada, Mexico, and the United States that was signed in 1992. The purpose of the agreement is to reduce and eliminate tariffs and other trade barriers between the three countries, creating an integrated North American market and increasing trade between them. NAFTA is one of the world's largest trading blocs, with combined annual trade exceeding $800 billion annually. Benefits of the agreement include improved economic growth, lower prices, reduction of transaction costs, increased employment, and better access to goods and services. It has also increased competition and productivity. The agreement has come under increasing criticism in recent years due to the effects it has had on certain industries, the environment, and labor rights.