trade agreements

Question 1

why can trading products be expensive?

Answer 1

controls and restrictions

tariffs
quotas
non tariff measures
outright bans

Question 2

what are all trade agreements overlooked by?

Answer 2

the WTO to ensure fairness

Question 3

what is an example of a trade agreement?

Answer 3

NAFTA north american free trade agreement

lower and removed tariffs on imports and exports between canada usa and mexico

Question 4

whats the worlds largest free trade area? how many people

Answer 4

NAFTA

450 million people

Question 5

when was nafta set up?

Answer 5

1994

Question 6

how much did trade increase by between 1994-2015 with NAFTA?

Answer 6

quadrupled

297 bn —> 1.14 tn

Question 7

who did NAFTA lower prices for and for what services?

Answer 7

consumers

food
clothing
electronics

Question 8

in 2015 what percentage of canadian and mexican exports went to the us?

what percentage of us exports went to them?

Answer 8

canada —> us = 74%
mexico —> us = 75%

us —> canada + mexico = 30%