In the 20 years since the North American Free Trade Agreement entered into force, the agreement has proved to be an economic boon. But if North America is to remain a uniquely competitive region, it will need to build on NAFTA’s success by opening markets beyond its borders.
In the 20 years since it entered into force, the North American Free Trade Agreement has been both lauded and attacked in the United States. But to properly assess NAFTA’s record, it is important to first be clear about what the agreement has actually done. Economically speaking, the answer is a lot. By uniting the economies of Canada, Mexico, and the United States, NAFTA created what is today a $19 trillion regional market with some 470 million consumers. The U.S. Chamber of Commerce figures that some six million U.S.