Jeffrey Schott, Peterson Institute for International Economics, November 2008
Jeffrey Schott
The North American Free Trade Agreement (NAFTA) entered into force on January 1, 1994. The pact was “state of the art” when promulgated. But the world economy has changed significantly since then and it is fair to ask: Does NAFTA need to be revised?
The incoming Obama administration will undoubtedly argue for such an initiative, since the President-elect criticized NAFTA’s provisions on inter alia labor and environment during the US election campaign. The Democratic critique elicited a sharp response from Canadian and Mexican officials, who countered that “if it ain’t broken, don’t fix it” but if opened that they would demand revisions of NAFTA rules on energy, agriculture, and trucking.
Filed under: Economic Integration | Tagged: Canada, IIE, Mexico, NAFTA, Obama, Revise
