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May 6, 2016 · The North American Free Trade Agreement (NAFTA) Free trade between the three member nations, Canada, the US and Mexico, has been in place since January 1994. Although tariffs weren’t fully abolished until 2008, by 2014 total trilateral merchandise trade exceeded US$1.12 trillion.
Free trade agreements or free trade areas are listed as follows: List of multilateral free trade agreements. List of bilateral free trade agreements.
Canada is a founding member of the World Trade Organization (WTO) since 1 January 1995, having been an original GATT member since 1 January 1948. The North American Free Trade Agreement (NAFTA), which is held with Canada by the United States and Mexico, came into force on 1 January 1994, creating the largest free trade region in the world by GDP.
- History
- Legal Aspects of Free Trade Agreements
- Economic Aspects of Free Trade Agreements
- Qualifying For Preferences Under An FTA
- Databases on FTAs
- See Also
- External Links
The OED records the use of the phrase "free trade agreement" with reference to the Australian colonies as early as 1877. After the WTO's World Trade Organization- which has been considered by some as a failure for not promoting trade talks, but a success by others for preventing trade wars - states increasingly started exploring options to conclude...
The formation of free trade areas is considered an exception to the most favored nation (MFN) principle in the World Trade Organization (WTO) because the preferences that parties to a free-trade area exclusively grant each other go beyond their accession commitments.Although Article XXIV of the GATT allows WTO members to establish free-trade areas ...
Trade diversion and trade creation
In general, trade diversion means that an FTA would divert trade away from more efficient suppliers outside the area towards less efficient ones within the areas. Whereas, trade creationimplies that an FTA area creates trade which may not have otherwise existed. In all cases trade creation will raise a country's national welfare. Both trade creation and trade diversion are crucial effects found upon the establishment of an FTA. Trade creation will cause consumption to shift from a high-cost p...
FTAs as public goods
Economists have made attempts to evaluate the extent to which FTAs can be considered public goods. They first address one key element of FTAs, which is the system of embedded tribunals which act as arbitrators in international trade disputes. These serve as a force of clarification for existing statutes and international economic policies as affirmed in the trade treaties. The second way in which FTAs are considered public goods is tied to the evolving trend of them becoming “deeper”. The dep...
Further information: Rules of origin Unlike a customs union, parties to an FTA do not maintain common external tariffs, which means they apply different customs duties, as well as other policies with respect to non-members. This feature creates the possibility of non-parties may free-riding preferences under an FTA by penetrating the market with th...
The database on trade agreements provided by ITC's Market Access Map. Since there are hundreds of FTAs currently in force and being negotiated (about 800 according to ITC's Rules of Origin Facilitator, counting also non-reciprocal trade arrangements), it is important for businesses and policy-makers to keep track of their status. There are a number...
ITC's Market Access Map Archived 2019-06-05 at the Wayback MachineThe Canadian Trade Commissioner Service (TCS) can help you successfully navigate a free trade agreement (FTA) that presents businesses like yours with new advantages and excellent opportunities for growth in global markets. Canada currently has 15 FTAs with 51 different countries. Together, these agreements cover 1.5 billion consumers worldwide.
Explore Canada’s free trade agreements, foreign investment promotion and protection agreements, plurilateral agreements and World Trade Organization agreements. Search all trade agreements Note: Treaty texts are for information purposes only.
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Jun 4, 2024 · In modern international trade, few free trade agreements (FTAs) result in completely free trade. The benefits of free trade were outlined in "On the Principles of Political Economy and Taxation ...
