Some empirical trade economists have noted that for many products, countries are both importers and exporters. For example, India both imports and exports sports goods. How do you explain this? As is stated in the text, NAFTA was ratified by the U.S. Congress in 1993 and went into effect on January 1, 1994, and aside from a few tariffs, all of NAFTA’s commitments were fully implemented by 2003. Go to http://www.usa.gov and do a search for “NAFTA: A Decade of Success” to find a document from the Office of the United States Trade Representative which details the benefits of this free-trade agreement between the United States, Canada, and Mexico. Describe what happened to the following in the NAFTA countries by 2003, when NAFTA’s commitments were fully implemented: economic growth, exports, total trade volume, and productivity. Now conduct a Web search to find any disadvantages of NAFTA and see how they relate to the arguments for protectionism in the text. Explain whether you believe any of these disadvantages outweigh the benefits you described regarding economic growth, exports, trade volume, and productivity.
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