The North American Free Trade Agreement (NAFTA) was implemented to promote trade between the United States, Canada and Mexico. The agreement, which removed most tariffs on trade between the three countries, came into force on 1 January 1994. Between 1 January 1994 and 1 January 2008, many tariffs – notably for agriculture, textiles and automobiles – were phased out. “The USMCA will provide our workers, farmers, ranchers and businesses with a quality trade agreement that will result in freer markets, fairer trade and robust economic growth in our region. It will strengthen the middle class and create good, well-paying jobs and new opportunities for the nearly half a billion people who call North America home. About a quarter of all U.S. imports, such as crude oil, machinery, gold, vehicles, fresh produce, livestock and processed food products, come from Canada and Mexico, the second and third largest suppliers of imported products to the United States. In addition, about one-third of U.S. exports, including machinery, spare parts, mineral oils and plastics, go to Canada and Mexico. The three parties responsible for the training and management of NAICS are the Instituto Nacional de Estadistica y Geografia in Mexico, Statistics Canada and the U.S. Bureau of Management and Budget, through its Economic Classification Policy Committee, which also includes the Bureau of Economic Analysis, the Bureau of Labor Statistics and the Bureau of Census.
The first version of the classification system was published in 1997. A review in 2002 reflected major changes in the information sector. The last revision, in 2017, resulted in 21 new sectors through the reclassification, splitting or merging of 29 existing industries. On January 29, 2020, President Donald Trump signed the agreement between the United States, Mexico-Canada. Canada has not yet adopted it in its parliamentary body until January 2020. Mexico was the first country to ratify the agreement in 2019. On September 30, 2018, the United States and Canada agreed on an agreement to replace NAFTA, which will now be called the USMCA – the agreement between the United States and Mexico. In a joint press release from the U.S. and Canadian trade offices, officials said the debate on the impact of NAFTA on its signatory countries continues. While the United States, Canada and Mexico have experienced economic growth, higher wages and stronger trade since nafta, experts disagree on the extent to which the agreement has actually contributed to these benefits, if at all, to manufacturing employment. , immigration and consumer goods prices.
The results are difficult to isolate and other important developments have occurred on the continent and around the world over the past quarter century. The legislation was developed under President George H. W. Bush as the first phase of his Enterprise for the Americas initiative.