NAFTA and the G20. Presentation by: Aaron, Connor, Delainey , Jacob, and Laura . A BRIEF HISTORY.
NAFTA and the G20
Presentation by: Aaron, Connor, Delainey, Jacob, and Laura
A BRIEF HISTORY
The NAFTA agreement was signed on January 1st, 1994 by the Canadian Prime Minister Brian Mulroney, the Mexican President Carlos Salinas, and the U.S. President George W. Bush. The agreement was created to bring down the high trading costs, increase business investment and to give North America a more competitive edge in the global marketplace. Although it would not be possible if, in 1984, Congress hadn’t passed the Trade and Tariff Act which gave the president the power to negotiate free trade agreements.
UNITED STATES OF AMERICA
Advantages of NAFTA
NAFTA is the acronym that represents the North American Free Trade Agreement that exists between the three countries of North America: Canada, Mexico and the United States. NAFTA was ratified as legislation in the three involved countries by late 1993 and the agreement officially came into effect on January 1st of 1994. When NAFTA was officially ratified the agreement created the world’s largest free trade area and effectively linked 439 million people. NAFTA has also generated a connection between the three involved countries which has led to other benefits such as agreements being generated to regulate labour and the environment in North America. (country facts.com)
Disadvantages of NAFTA
Canada created 4.3 million jobs between 1993-2008.
United States created 25.1 million between 1993 – 2008.
Mexico created 9.3 million between 1993 – 2008.
TRADE WITH NAFTA PARTENERS :
Canada $570.8 billion.
America $919.9 billion.
Mexico $156.0 billion.
Myths & Facts:
Myth #1: After 14 years, we know NAFTA has not achieved its core goals of
expanding trade and investment between the U.S., Canada, and Mexico.
Fact: From 1993 to 2007, trade among the NAFTA nations more than tripled,
from $297 billion to $930 billion.
Myth #2: NAFTA has cost the U.S. jobs.
Fact: U.S. employment rose from 110.8 million people in 1993 to 137.6 million in 2007, an increase of 24 percent. The average unemployment rate was 5.1 percent in the period 1994-2007, compared to 7.1 percent during the period 1980-1993.
Myth #3: NAFTA has done nothing to improve the environment.
Fact: NAFTA created two bi - national institutions unique to the agreement which
certify and finance environmental infrastructure projects to provide a clean and
healthy environment for residents along the U.S.-Mexico border. To date, they
have provided nearly $1 billion for 135 environmental infrastructure projects with
a total estimated cost of $2.89 billion and allocated $33.5 million in assistance and
$21.6 million in grants for over 450 other border environmental projects. The
Mexican government has also made substantial new investments in environmental protection, increasing the federal budget for the environmental sector by 81% between 2003 and 2008.
The History of g20
In September 1999, The group was launched in order to deal with international financial instability. It became apparent that a informal dialogue between advanced and emerging economies was crucial. (Representing all regions of the globe) The terrorist attacks on September 2001 was a large encouragement for other countries to join the G20 against the financing of terrorism. Recently the group has become a venue for discussing quota reform and representation at the International Monetary fund. The G20 also is an important role supporting globalization, making sure benefits are shared between all countries including the poorest developing countries.
Policy coordination between its members in order to achieve global economic stability, sustainable growth.
To promote financial regulations that reduce risks and prevent future financial crises
To create a new international financial architecture.
Benefits to Global Trade