NAFTA

Definition

North American Free Trade Agreement. A 1994 agreement reached by the United States, Canada, and Mexico that instituted a schedule for the phasing out of tariffs and eliminated a variety of fees and other hindrances to encourage free trade between the three North American countries.

Use NAFTA in a sentence

Several of the tariffs phased out by NAFTA were related to agriculture, textiles and automobiles, and penalties were to be issued for anyone that violated the agreed upon customs and laws.

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supranational trade bloc