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Pros And Cons Of NAFTA And TPP Canada

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Issue

What is the nature of the North American Free Agreement (NAFTA) and the Trans-Pacific Partnership (TPP) agreements? What are the advantages and disadvantages of NAFTA and TPP Canada and Saskatchewan?

Background

NAFTA is a trade agreement signed by Canada, Mexico and the United states in 1994. NAFTA replaced the 1987 Canada-USA Free Trade Agreement. NAFTA has rules that ensure the goods traded are from qualified regions.

TPP is an agreement aiming at creating free trade in the pacific regions. The agreement was set to be signed by the different countries in 2012 but has been delayed due disagreement in areas like intellectual property and agriculture laws. TPP is supposed to be a successor of the Trans-Pacific Strategic Economic …show more content…

Elimination of tariffs is an incentive o trade. Loss of local business Free trade allows low cost subsidized products to be imported. Local business owners and farmers cannot compete with the low prices.
Lower product prices For example, Mexican oil prices have reduced. Eliminating tariffs reduces the cost of trading causing low prices. Decrease of wages lowering standard of living. The threat to relocate to Mexico forced factory workers to work for low wages.
Increased economic growth. Trade increased in sectors like automotive industries. Environmental damage. For example, Canada shale fields. Increased factories caused an increase in green house gases.
Creation of employment Factories employed more people to handle the increase in exports and imports. Loss of jobs and manufacturing industries NAFTA allowed companies to move to Mexico due to cheap labor.
Growth of insurance, manufacturing and financial institutions Foreign investment increased which created more business for insurance, manufacturing and financial …show more content…

Killing the TPP would do little to bring factory work to participating countries because corporations and businesses will look for cheaper ways to export and import. May give foreign countries the power to interfere with set democracies to suite their own trade and profit making agendas. Foreign corporations may be allowed to directly challenge systems like health, environmental and other public interest policies that may be argued as a barrier to free

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