The North American Free Trade Agreement, commonly known as NAFTA, is a trade agreement between the United States, Canada, and Mexico. The agreement was signed by President George H.W. Bush in 1992 and entered into force on January 1, 1994.
NAFTA was designed to eliminate trade barriers between the three countries, promote economic growth, and increase market access for businesses in North America. The agreement has had a significant impact on trade between the three countries, with trade among NAFTA partners increasing from $290 billion in 1993 to $1.2 trillion in 2011.
Critics of NAFTA have argued that the agreement has resulted in job losses in the United States, as companies have moved production to Mexico to take advantage of lower wages. Supporters of NAFTA, on the other hand, point to the increased trade and economic growth resulting from the agreement.
Despite criticism from some quarters, NAFTA has largely been seen as a success in promoting trade and economic growth among the three countries. While the agreement has been subject to ongoing negotiations and revisions, it remains a cornerstone of North American economic relations.
In conclusion, it was President George H.W. Bush who signed the North American Free Trade Agreement in 1992. The agreement has had a significant impact on trade and economic growth in North America and remains an important part of the region`s economic landscape.