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LSDefine
Simple English definitions for legal terms
NAFTA
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A quick definition of NAFTA:
NAFTA stands for North American Free Trade Agreement. It is an agreement between the United States, Canada, and Mexico that allows for free trade between the three countries. This means that goods and services can be traded without any extra taxes or fees. It was created to help businesses grow and create more jobs in North America.
A more thorough explanation:
NAFTA
NAFTA stands for North American Free Trade Agreement. It is an agreement between the United States, Canada, and Mexico that eliminates trade barriers and promotes free trade between the three countries.
One example of NAFTA in action is the import and export of goods between the three countries. For instance, a company in the United States can sell its products to customers in Canada and Mexico without having to pay high tariffs or taxes. This makes it easier and more affordable for businesses to trade with each other.
Another example is the creation of jobs in all three countries. Since NAFTA was implemented, many companies have expanded their operations to other countries, which has led to the creation of new jobs and economic growth.
NAFTA is an agreement that promotes free trade between the United States, Canada, and Mexico. This means that businesses can trade with each other without having to pay high tariffs or taxes. This makes it easier and more affordable for companies to do business with each other, which can lead to economic growth and the creation of new jobs.