NAFTA is the world - THE COLLEGE OF THE BAHAMAS DE’SHHUN...

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Unformatted text preview: THE COLLEGE OF THE BAHAMAS DE’SHHUN MOSS CONDELL STUDENT # 000 00 6336 ACCOUNTING THEORY 315 MS. CAROL PATTON WHAT ARE NAFTA, GATT AND THE EU? THE NORTH AMERICN FREE TRADE AGGREEMENT NAFTA is the world’s largest free trade area. The agreement between Canada, the U.S. and Mexico links 439 million people and produces $15.3 trillion in goods and services annually. NAFTA was launched 15 years ago to reduce trading costs, increase business investment, and help North America is more competitive in the global marketplace. NAFTA was signed by President George H.W. Bush, Mexican President Salinas, and Canadian Prime Minister Brian Mulroney in 1992. It was ratified by the legislatures of the three countries in 1993. • Article 102 of the NAFTA agreement outlines its purpose: • Grant the signatories Most Favored Nation status. • Eliminate barriers to trade and facilitate the cross-border movement of goods and services. • Promote conditions of fair competition. • Increase investment opportunities. • Provide protection and enforcement of intellectual property rights. • Create procedures for the resolution of trade disputes. • Establish a framework for further trilateral, regional and multilateral cooperation to expand NAFTA's benefits The accord has stimulated democratic reform and opened markets in Mexico. NAFTA has also led to income gains and tax cuts amounting to about $930 each year for the average U.S. household of four. Of the 20 million new jobs the U.S. generated from 1993 to 2000 can be attributed to the free- trade bloc that NAFTA created. In addition NAFTA brought in a flood of foreign investment and contributed to a 24% rise in Mexico's per capita income. Unfortunately, the agreement has taken a toll on both U.S. and Mexican jobs. Rea l wages for Mexican manufacturing workers has declined 13.5%, and more than half a million U.S....
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This note was uploaded on 02/02/2012 for the course ACCOUNTING Acc632 taught by Professor Marry during the Spring '10 term at College of the Bahamas.

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NAFTA is the world - THE COLLEGE OF THE BAHAMAS DE’SHHUN...

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