The Free-Trade Agreement That Represented The Fastest-Growing Region In The World Was
An important point that is often lost in assessing the impact of NAFTA is its impact on prices. The Consumer Price Index (CPI), which measures inflation on the basis of a basket of goods and services, increased by 65.6% between December 1993 and December 2016, according to the Bureau of Labor Statistics (BLS). Over the same period, clothing prices fell by 7.5%. Nevertheless, lower clothing prices are no easier to cling directly to NAFTA than the decline in the apparel industry. Elago stressed that governments favoured large corporations and negotiated the treaty in an opaque manner, without consulting citizens and without parliamentary supervision. The EU has preferential trade agreements with around 70 countries around the world.  These countries account for almost 32% of the EU`s foreign trade.  Japan is one of the European Union`s main trading partners, the world`s seventh largest trading partner and asia`s second largest. In contrast, the European Union is Japan`s third largest trading partner.
Together, the economies of Japan and the EU account for more than a third of global GDP. The agreement accounts for nearly 28% of world trade and a market of about 2.2 billion people, or nearly 30% of the world`s population, in the world`s fastest growing region. This represents a nominal increase of $1 trillion in trilateral trade of 258.5% since 1993, the actual increase – thus adjusted for inflation – of 125.2%. In 2019, the European Union and Vietnam have agreed on a free trade agreement. The trade agreement includes a number of goods and services. The agreements set significant tariff reductions for food and beverage products, as well as the removal of a number of non-tariff barriers. The agreement also contains obligations on international workers` rights and protection, global environmental agreements and human rights. As in the United States and Mexico, NAFTA has not kept the most extravagant promises of its Canadian boosters and has not aroused the worst fears of its adversaries. The Canadian auto industry has complained that low Mexican wages have driven the country`s jobs.
When General Motors dismantled 625 jobs at an Ontario plant in January and transferred them to Mexico, Unifor, the country`s largest private sector union, held NAFTA responsible. Jim Stanford, an economist working for the union, told CBC News in 2013 that NAFTA had caused a „production disaster in the country.” Real exports of goods to Canada increased by 50% between 1993 and 2016 and real imports of goods increased by 41%. NAFTA appears to have improved the U.S. trade position vis-à-vis Canada.