January 1st Marks 20th Anniversary of North American Free Trade Agreement
The Honourable Ed Fast, Minister of International Trade, today marked the 20th anniversary of the entry into force of the North American Free Trade Agreement (NAFTA).
Signed by Prime Minister Brian Mulroney, Mexico’s President Carlos Salinas and U.S. President George H.W. Bush, NAFTA came into effect on January 1, 1994, creating the largest free trade region in the world.
Since then, the North American economy has more than doubled, and productivity in Canada has increased by 14%, bringing economic growth to the three NAFTA partners and raising the quality of life of their citizens. NAFTA has provided a solid foundation for Canada’s future prosperity.
Since NAFTA came into force in 1994, Canada’s annual GDP has risen by nearly $1.2 trillion, 4.7 million jobs have been created in Canada, and the country’s trilateral trade in goods with the United States and Mexico has more than tripled.
In 1993, trilateral trade within the North American region was US$289 billion. In 2012, total trilateral merchandise trade reached nearly US $1.1 trillion-a nearly fourfold increase.
Over 8 million U.S. jobs depend on trade with Canada, and over 2 million Canadian jobs-one in seven-depend on trade with the United States.
Canada is the top export destination for 38 U.S. states. Approximately $1.8 billion in goods and services cross the border every day-$1.2 million every minute.
Canada is the largest supplier of oil, nuclear fuel, electricity and natural gas to the United States.
This has been excerpted from the 1 January 2014 news release by Foreign Affairs, Trade and Development Canada, and is available in its entirety here.