What is NAFTA and advantage and disadvantages to economy?
The North America Free Trade Agreement is the agreement between the north american countries to ease the trade activities between them. Basically, it is an agreement between the north american countries i.e. Mexico, Canada & United states of America. It has given the opportunity to millions of people to earn their daily bread by conducting trade activities without any restrictions & tariffs. The main reason behind this agreement was to remove the unwanted barriers, trade sanctions & tariffs between these countries. This agreement was formed & firstly entered by the American President George H.W Bush, Canadian Prime Minister Brian Mulroney & Mexican president Carlos Salinas de Gortari for the betterment of the economies of all these countries.
Advantage of NAFTA to economy - From the very beginning NAFTA has proven a successful economy plan for all the members. The followings are the advantages of NAFTA.
1.) It has provided the daily breads to the millions of people of member countries.
2.) It helped in to increase the national income of the people.
3.) The GDP of the member countries has shown the impressive growth due to NAFTA.
4.) NAFTA helps to create the better economic relations between the countries.
5.) NAFTA helps to reduce the inflation rate in the economy.
6.) NAFTA creates the easy availability of goods & services between the members countries.
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