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18-Doing Business With NAFTA

18-Doing Business With NAFTA

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Published by frediz79

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Published by: frediz79 on Nov 27, 2011
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11/21/2013

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Doing Business with NAFTA(North American Free TradeAgreement)
Learning Values:
After reading this chapter the reader will have an understanding on:1.The member nations and the essence of NAFTA.2.Intra trade and external trade of NAFTA members.3.India’s trade with NAFTA.4.Success of Indian business in NAFTA.5.Future potential for co-operation and prosperity.6.Current developments.The status of economic super power is an outcome of three country’sintegrated efforts and harmony of North Americans, specially USAmaintained with world and focus on business, technology andinfrastructure.
 
Members of NAFTA:
In January 1994, Canada, the United States and Mexico launched the NorthAmerican Free Trade Agreement (NAFTA) and formed the world's largestfree trade area.The North American Free Trade Agreement (NAFTA) is a comprehensivetrade-liberalization agreement among Canada, Mexico, and the UnitedStates. NAFTA progressively eliminates most tariff and non tariff barriers totrade between these countries over a transition period that began on January1, 1994 and concludes on January 1, 2008. The agreement also facilitatescross-border investment, requires that sanitary and phytosanitary standardsfor trade be scientifically based, and expands cooperation regarding theenvironment and labor.The Agreement has brought economic growth and rising standards of livingfor people in all three countries. In addition, NAFTA has established astrong foundation for future growth and has set a valuable example of the benefits of trade liberalization. It also strengthened the rules and proceduresgoverning trade and investment throughout the continent.The member countries of the North American Free Trade Agreement(NAFTA) form the world's largest trading bloc, with a gross domestic
 
 product (GDP) of US$ 12 trillion, or one third of the world's total GDP. Thethree countries have enjoyed a burgeoning relationship stemming from their decision to open doors and break down barriers. Markets continue to openup to a freer flow of goods, services and investments, and the economies are becoming more integrated than ever.
Objectives of NAFTA:
a)Eliminate barriers to trade in, and facilitate the cross-border movement of, goods and services between the territories of theParties; b)Promote conditions of fair competition in the free trade area;c)Increase substantially investment opportunities in the territories of theParties;d)Provide adequate and effective protection and enforcement of intellectual property rights in each Party's territory;e)Create effective procedures for the implementation and application of this Agreement, for its joint administration and for the resolution of disputes; andf)Establish a framework for further trilateral, regional and multilateralcooperation to expand and enhance the benefits of this Agreement.
Labour Policies and the Environment:
The economic integration promoted by NAFTA has spurred better environmental performance across the region. Through the
North AmericanAgreement on Environmental Cooperation
, the three partners are promoting the effective enforcement of environmental laws.Through the Commission for Environmental Cooperation (CEC),which was created from the NAFTA, all three countries have benefited fromcoordination which is increasing the effectiveness of North Americanconservation efforts by:- Developing common priorities for the protection of certain species- Developing North American Conservation Action Plans for three sharedmarine species- Providing tools such as a map of terrestrial eco regions which managementagencies are using in their programs

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