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On Jan 1st, 2004, the U.S.A, Canada and Mexico celebrated the completion of 10 years of one of the most controversial trade agreements, NAFTA. The free trade agreement, NAFTA, was to herald a new era of economic growth for the three NAFTA countries, especially Mexico. NAFTA did bring in enormous growth not only to U.S.A and Canada, but also to Mexico by increasing exports and FDI. NAFTA's appraisal, after a decade, reveals a lot of shortcomings, as against what the free trade supporters claimed. It is argued that Mexico's economic growth is dependent on the growth of the U.S. economy. A slowdown in the U.S. would result in a subsequent decline in the economic growth of Mexico, as witnessed during 2001. At the same time, many farm livelihoods in Mexico have been destroyed, real wages have decreased and there has been environmental degradation near the U.S.-Mexico border. Analysts feel that economic liberalisation because of NAFTA has been incomplete in Mexico. It is felt that Mexcio requires significant policy and institutional reforms to make NAFTA more effective. Critics feel that NAFTA is an experiment in globalisation, that went wrong and caused irreversible damage to Mexico.
Details decades of failed trade enforcement by American presidents including Bill Clinton, George W. Bush and Barack Obama, dating back to NAFTA in 1993 -- all failed to effectively enforce promises to protect workers, even as rogue regimes have continued to benefit from other provisions of the agreements. Uses case studies of countries under active free trade agreements (FTAs), such as Guatemala and Colombia, to show that they have not curbed abuses against their workers, who still face brutality and mistreatment. "We have two decades of experience with free trade agreements under both Democratic and Republican Presidents. Supporters of these agreements have always promised that they contain tough standards to protect workers. The rhetoric has not matched the reality." The agreements enable companies unable to exploit American workers to move their capital to a trade partner and employ child labor or slaves while still exporting their goods with no tariffs. The lack of enforcement creates a race to the bottom. The report also highlights the stark difference in FTA priorities. Corporations worried about violations of the agreement can use an extra-judicial tribunal, known as the investor-state dispute settlement process, to win monetary penalties based on "expected future profits" lost. But abused workers have no such appeals process. They must rely on governments to enforce the trade agreement. And the report shows that the United States has failed on this count, citing a report by the Government Accountability Office that found neither the office of the United States Trade Representative nor the Department of Labor monitors or enforces compliance with trade pact labor agreements.
This is the next People's History of the United States
On July 1, 2020, after much expectation and delay, the new United States-Mexico-Canada Agreement (USMCA)—a greatly revised version of the North American Free Trade Agreement (NAFTA) of 1994—came into effect. This timely book by the author of the preeminent guide to NAFTA and an active participant and private sector advocate in the USMCA negotiation and legislative process provides a chapter-by-chapter analysis of the new agreement, clearly describing what has changed from the earlier agreement and what is new. After a concise but expertly calibrated summary of NAFTA, the author proceeds systematically through a practical analysis of each USMCA provision, emphasizing such crucial new elements as the following: new rules on intellectual property rights; stricter rules of origin within the automotive industry; major reforms in Mexican labor laws and their enforceability; opening of Canada’s agricultural and dairy sector to more U.S. competition; entirely new chapter on digital trade; new dispute mechanisms; requirement of an increased minimum wage in auto plants; and a new chapter on environmental standards. Changes in such important aspects of trade as textiles and apparel, ownership of hydrocarbons, cross-border trade in services, and anticorruption measures are also fully described. The USMCA is a response to a United States initiative to renegotiate NAFTA. As a key regional trade agreement with vast global ramifications, familiarity with its content and rules is essential for all business, legal, policymaking, and academic parties concerned with international trade. This useful practical guide will be a welcome addition to private and corporate libraries, including corporate counsel, customs brokers, freight forwarders, logistics and import-export managers, government officials, and academics who need a thorough understanding of the new agreement.