Question

In the north american free trade agreement (NAFTA) what percentage of tariffs on the goods traded between mexico, canada, and the united states were supposed to be abolished by the year 2004 ?

Answer 1

By 2004, NAFTA aimed to achieve the complete elimination of trade barriers and tariffs on goods traded between Canada, the U.S., and Mexico, fostering a free trade environment.

Step-by-step explanation:

The North American Free Trade Agreement (NAFTA), signed in 1994, aimed to eliminate trade barriers between Canada, the United States, and Mexico. By the year 2004, NAFTA's goal was to abolish a significant amount of tariffs on goods exchanged among these nations to facilitate free trade and economic integration. Specifically, the agreement sought the complete elimination of trade barriers, which would effectively abandon all tariffs on the goods traded.

NAFTA stimulated shifts in industrial activity and migration patterns in Mexico and opened up economies to compete with powerful trading blocs like the European Union. The agreement was crucial for Canada, providing stable access to U.S. and Mexican markets, opening previously protected sectors, and establishing specific rules for service trade.