NAFTA & USMCA
What does NAFTA stand for?
North American Free Trade Agreement
What is Mercosur?
A South American trade bloc that promotes free trade among its members, including Brazil, Argentina, Paraguay, and Uruguay.
Name one benefit of economic integration.
Increased market access, reduced tariff, or increased foreign investment.
What major country criticized NAFTA?
The United States (particularly politicians who claimed it led to job losses).
Which three countries were part of NAFTA?
U.S, Canada, and Mexico
Name one country in the Pacific Alliance.
Chile, Peru, Colombia, or Mexico
How much did trilateral trade increase under NAFTA?
From $290 billion in 1993 to 1.1 trillion in 2016
What agreement replaced NAFTA?
The United States-Mexico-Canada Agreement (USMCA)
What is the Andean Community?
A regional trade group of Bolivia, Colombia, Ecuador, and Peru focused on economic integration.
Name one negative effect of economic integration.
Job losses in some industries due to increased competition or economic dependency on trade partners.
In what year did USMCA replace NAFTA?
2020
What does ALBA stand for?
Bolivarian Alliance for the Peoples of Our America, a trade bloc promoting socialist economic integration.
How did economic integration impact tariffs?
It reduced or eliminated tariffs on many goods, making trade cheaper and easier.
Name two key differences between NAFTA and USMCA.
1. USMCA required more North American- made auto parts
2. It includes stronger labor and environmental protections than NAFTA
How does the Pacific Alliance differ from Mercosur?
The Pacific Alliance focuses on global trade, while Mercosur focuses on intraregional trade.
What was the fourfold increase in NAFTA trade from 1993 to 2016?
Trilateral trade grew from $290 billion to $1.1 trillion.