Tripartite Free Trade Agreement (NAFTA)
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The tripartite free trade agreement between the US, Canada and Mexico is known as the North American Free Trade Agreement (NAFTA). The provisions of NAFTA addresses tariffs and benefits to U.S. consumers, producers and workers. Rules of origin ensures that only North American goods benefit from tax shelters. NAFTA disposes of investment barriers for each of the member countries and mandates equal opportunities to enable businesses to be competitive. Opposition to NAFTA, however, has been increasing in the U.S. because of fears that the treaty will cost the country a lot of jobs and that environmental standards will be ignored reverberate through Congress. Studies seem to indicate that these concerns are not justified. President Carlos Salinas of Mexico has treated NAFTA as a major element in his development policy and as a way to "lock in" the national, rural, and urban elements of this policy initiated by himself and President Miguel de la Madrid. The NAFTA agreement has been made central for a number of reasons to be discussed below, and the treaty will certainly have an effect on the political culture and political institutions of Mexico if it is accepted by both sides.Of course, before any benefits can accrue to Mexico, NAFTA has to be passed in the United States, and overcoming opposition to the agreement has proven to be difficult. In the present climate, Congress is suspicious of the agreement, and it is thought that Congress is likely to pass it only if Pres
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cles to be overcome (233).
Mexico has made great strides since 1982 when falling oil prices and corruption drained the treasury and the government fought to recoup by nationalizing the country's banks. Mexico's economic crash earned the country a reputation for economic mismanagement while raising fears of social upheaval. Now, President Carlos Salinas de Gortari is reversing that history and reputation with considerable success. In 1991, the first three of the nationalized banks were sold at auction for two to three times book value. Salinas also had the aid of the Bush administration, which fought in Congress to secure the authority for negotiating a free trade agreement. Since taking office in late 1988, Salinas and his team have done a lot to make needed changes in Mexican society and politics. Salinas and his team have had a clarity of purpose seen in their implementation of a radical economic reform program that has privatized more than a thousand government owned companies and opened Mexico's long sheltered economy to fierce foreign competition. The results have been notable, including the lowering of triple-digit inflation, the reduction of the budget deficit to zero, an increase in domestic investment, and economi
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Approximate Word count = 2151
Approximate Pages = 9 (250 words per page)
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