January 1, 2014 will mark 20 years since The North American Free Trade Agreement (NAFTA) took effect on that day in 1994. The agreement was originally signed by US President H.W. Bush in December 1992, taking the place of the Canada-United States Free Trade Agreement after Mexico expressed interest in participating. NAFTA was passed by the US Congress and subsequently signed into action by US President Bill Clinton in December of 1993. The signing and putting into force of NAFTA by Canada, Mexico and the US created a trading trifecta that is now the largest in the world and set precedence for trade deals that have followed.
While the US and Canada had an existing trade relationship, the inclusion of Mexico proved beneficial for all involved, strengthening trade with the newly added nation. Since NAFTA took effect, Agri-View states that Mexico grew to become the second largest market for U.S. corn, the top market for U.S. sorghum and the premier market for distiller’s dried grains with solubles (DDGS).
According to the latest figures available, NAFTA’s signatory nations’ trade increased from $297 billion in 1993 to $1.6 trillion in 2009.
See the full article from Agri-View on NAFTA’s 20th year here.