Scotiabank Economics today released the first of its North America Free Trade Agreement (NAFTA) Reports series. In its report, Scotiabank Economics cites how NAFTA has been a success story for Canada, the United States and Mexico over the 23 years since the agreement was signed.
“In net terms, NAFTA has created jobs across all three member countries,” said Jean-François Perrault, Senior Vice President and Chief Economist at Scotiabank. “The integration of supply chains across NAFTA’s countries has helped realize otherwise unattainable economies of scale and efficiencies that have made North American industry more globally competitive.”
Highlights of Scotiabank’s NAFTA Report include:
- Success for all: North American trade has more than tripled under NAFTA since its January 1994 inception.
- NAFTA has ensured that North America has remained competitive in the race to attract capital and retain jobs. Millions of North Americans in every region now depend on NAFTA trade for their livelihood.
- NAFTA has not driven de-industrialization: technology, not trade, has cut manufacturing jobs around the world. Manufacturing’s share of U.S. GDP has been stable for decades.
- Updating NAFTA offers a win-win-win opportunity for the U.S., Canada, and Mexico.
Read Scotiabank’s The NAFTA Success Story Report online at: http://www.scotiabank.com/ca/en/0,,3112,00.html
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