north american free trade agreement

Cultural Dictionary
North American Free Trade Agreement (NAFTA)

An agreement between the United States, Canada, and Mexico to establish free trade. It took effect in 1994 and is designed to eliminate trade barriers between the three nations by 2009.

Note: Many American labor unions oppose NAFTA on the grounds that it takes away jobs from American workers as manufacturers relocate in Mexico to take advantage of cheaper labor. Others argue that free trade creates more jobs in the United States than it destroys.
The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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