The North American Free Trade Agreement

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Term Paper Title	The North American Free Trade Agreement
# of Words	1936
# of Pages (250 words per page double spaced)	7.74

The North American Free Trade Agreement

The North American Free Trade Agreement

     Since the birth of this great nation in 1776, the United States has
remained a dominant world power in many aspects. The American standard of living
has been the envy of the world, powered by an economy rivaled by nearly no one.
Our economy continues to be the rock with which the global economy can lean on,
as evidenced by nations that rely on huge reserves of the dollar because of its
stability as a means of settling international debts. Unfortuneatly, despite the
solidity that our economy is so often associated with, we have accumulated a 5
trillion dollar (that's 9 zeros) national debt. Something has to be done about
this colossal problem to ensure that the United States retains its status as a
world power in the global economy. One vital catalyst to help promote growth and
neutralize the massive account deficit and foreign debts is the North American
Free Trade Agreement. NAFTA, for short, is one positive effort that not
surprisingly, has met with the opposition of many. In light of this opposition,
it is evident that NAFTA is accomplishing its primary goals and encouraging the
growth of the American economy.
     NAFTA negotiations began on June 11, 1990 when former President George
Bush and Mexican President Carlos Salinas de Gurtari met to discuss the
possibility of revising current trade policies. The thing that set the  NAFTA
apart from other trade agreements historically was that it was to be the first
trade agreement entered into between two industrial countries and a developing
country. By much of the world the NAFTA is often viewed upon as North America's
answer to the European trading bloc. Many provisions of the NAFTA take their
roots in the Canada-U.S. Free Trade Agreement which became operational January 1,
1989. A target objective was to create free trade between the United States,
Mexico, and Canada rather than a comprehensive economic union such as that of
the European Community. Whereas the EC dealt with monetary exchange rate issues
by implementing a standard in currency called the "Euro-Currency", the NAFTA
would be off limits to such control. Like many issues today, this topic was
hotly debated. Many people vehemently argued that job loss and low wages would
plague the United States and Canada inflicting more damage on these two already
struggling economies. The pro-NAFTA big business sector reportedly coughed up
between 20 and 30 million dollars for lob...

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