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Within a period of ten years, the agreement managed to remove many trade restrictions, a scenario that led to increased cross border trade. This agreement focused on eliminating barriers related to trade of both goods and services between the two countries, facilitating conditions that allowed fair competition within a zone characterized by free trade fully supported by this agreement and bring significant liberal conditions for investment opportunities within the free trade area.
It was also aimed to establish and formulate procedures effectively to ensure joint administration of this agreement and at the same time give a framework for conflict and disputes resolution within the area in the process of exchanging goods and services.
On a rational point of view, we may wish therefore to establish the sensibility of this economic block in terms of the impacts that it reinstates to the Canadian economy. Through history, Canadians who were in close connection and had close ties with Americans were seen to have been encouraging political annexation by the Americans.
It was thus not a good and health undertaking for the Canadians political sphere. The agreement reached by the two nations resulted to great trade liberalization between the two countries and wiped out the tariffs which earlier on existed as barriers to trade between the two countries. With all these negotiations and efforts Canadians did not however win the free competition in acquiring procurement contracts in the American government.
This area was conserved for America to itself. In paying attention to the ramifications of the agreement after the implementation, a rapid increase in trade between the two nations was noticed. After the liberalization of trade, the Canadian dollar decreased the value of the currency and therefore highly propelled this growth to greater heights.
This growth was also realized because there was a global special attention towards development of free trade and international trade was therefore increasing. However, inthe value of Canadian dollar reduced far much than the international value of the American dollar, meaning that the benefits that Canada used to enjoy from the free trade were taken over by the United State.
Currently, the agreement has not fully liberalized the trade because it has not established a free trade in some areas of Canada like softwood lumber.
Generally, Canadians complain that Americans imposed restrictions and thus violated the provisions of the agreement.
Up to now, cultural industries of Canada are still health although it is feared the agreement undermines the sovereignty of Canada as a nation.
Because of this malpractice of the Americans protectionism, the agreement still remains a controversy in the states of America and the politics of Canada no longer support it. Because of this modifications, a new agreement was signed, the north American Free Trade Area Agreement, this time including Mexico.
In contrast to the increasing and massive tide of Americans protectionism believed to close the markets, the free trade agreement negations between Reagan administration and that of Brian Mulroney was believed to open up markets on both borders to benefit the two countries and set an example for the remaining world to change their trading patterns towards economic diversity.
By the time of implementation of this treaty, it was the largest bilateral free trade agreement in the world. After its implementation, non tariff barriers like import licenses which initially existed between the countries were eliminated.
The agreement also set aside a special dispute resolution board to handle cases involving unfair trade practices.
The treaty was also aimed at increasing the Gross Domestic Product of both countries and therefore increased the competitiveness of both economies internationally.
Canada had a limited market but after the agreement, it could easily access the American markets. Goods from countries that were not parties to the U.
After signing, this agreement was presented to the congress for ratification and thus it gave the lawmakers of the United States a nice chance to say no to protectionism in trade but instead cite a common and fair market poem where every country involved could have benefited.
S Free Trade Negotiations.
University of British Columbia Press, pp. Westport, CT, Quorum Books, pp. Party Competition and U. Trade Policy in a Globalizing Era. University of North Carolina Press, pp. London, Greenwood Press, pp.Benefits And Consequences Of A Free Trade Agreement (Fta) With The United States Words | 10 Pages.
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However, this FTA has its advantages and disadvantages which will be discussed further.