North American Free Trade Agreement (NAFTA) definition

North American Free Trade Agreement (NAFTA)

Trilateral treaty among Canada, Mexico, and the US, established in 1994 to remove import duties (tariffs) and non-tariff barriers within ten years for most types of goods, and within five more years for others. While the total consumer population (370 million) of NAFTA is slightly smaller than that of European Union (EU), its combined output ($6 trillion) is 20 percent higher. This agreement also addresses concerns relating to environment, health, and natural resources.

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