Free Trade Agreements

The North American Free Trade Agreement (NAFTA) entered into force on January 1, 1994. The overall economic impact of NAFTA is difficult to measure since trade and investment trends are influenced by numerous other economic variables, such as economic growth, inflation, and currency fluctuations. NAFTA continues to be of interest to Congress because of the importance of Canada and Mexico as U.S. trading partners, and also because of the implications NAFTA has for U.S. trade policy. This book provides an overview of North American trade liberalisation before NAFTA, an overview of NAFTA provisions, the economic effects of NAFTA, and policy considerations. It also examines the provisions of the U.S.-South Korea Free Trade Agreement (KORUS FTA) in the context of the overall U.S.-South Korean economic relationship, U.S. objectives, and South Korean objectives. The book examines some of the issues that have arisen during the implementation of KORUS FTA, and analyses the issues related to the proposed Trans-Pacific Partnership (TPP), the state and substance of the negotiations, the specific areas under negotiation, the policy and economic contexts in which the TPP would fit, and the issues for Congress that the TPP presents.