North American Free Trade Agreement

Definition

• An agreement among the United States, Canada and Mexico that will allow for freer trade between the three countries.

Website
http://www.nafta-sec-alena.org/

Acronyms
NAFTA

Related Terms and Acronyms

• Commerce — Definition,
  • The systems and activities that impact business and trade within a nation and abroad.
• Documentary Credit — Definition,
  • Written undertaking by a bank on behalf of an importer authorizing an exporter to draw drafts on the bank up to a specified amount under specific terms and conditions. They are used to facilitate international trade. In the United States these instruments are called commercial letters of credit.
• Economic Growth — Definition,
  • The rate of change in output from one year to the next.
• Exports — Definition,
  • Products and services produced in Canada and sold in other countries.
• Fiscal Deficit — Definition,
  • When the government spends more money than it receives in revenue over the course of one year.
• Fiscal Policy — Definition,
  • The use of government spending and taxation policies to influence the economy.
• Fiscal Surplus — Definition,
  • When the government receives more in revenue than it spends over the course of the year.
• Gross Domestic Product (GDP) — Acronym,
  • The total value of all the goods and services produced by the Canadian economy in a single year.
• International Banking — Definition,
  • The operation of bank branches and subsidiaries located outside Canada. This area of banking also includes the supervision of correspondent banking relationships, foreign exchange trading, and trade finance.
• World Trade Organization (WTO) — Company Est. 1995,
  • An organization that promotes free trade between nations.
  ➥ Deals with the global rules of trade between nations.