NAFTA partners agree to speed up tariff elimination on $25 billion of goods. (Washington Alert).The North American Free Trade Agreement North American Free Trade Agreement (NAFTA), accord establishing a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. (NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's ) partners--Canada, Mexico and the U.S.--have agreed to eliminate tariffs on $25 billion in trade. Under the tariff elimination package, Mexico and the U.S. are eliminating tariffs on an equivalent set of products. Mexico will eliminate duties on additional items on which the U.S. tariff is already zero. Mexican tariff reductions on U.S. products include motor vehicles, electrical and electronic goods, and chemicals. With this set of tariff reductions, Mexico's average tariff on U.S. goods will drop from the pre-NAFTA average of 10% to less than 0.5%. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the office of the U.S. Trade Representative (USTR USTR United States Trade Representative USTR United States Transuranium Registry (Richmond, Washington) USTR Underground Storage Tank Regulation ), the NAFTA parties conduct almost $1.8 billion in trilateral trade each day. The tariff changes took, effect January 1, 2002. This marks the fourth NAFTA tariff elimination package. A full list of items from the agreement are posted on the USTR website http://www.ustr.gov. |
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