Overview

The North American Free Trade Agreement (NAFTA), which was enacted in 1994 and created a free trade zone for Mexico, Canada, and the United States, is the most important feature in the U.S.-Mexico bilateral commercial relationship. Mexico is the United States' 3rd largest trading partner and 2nd largest export market for U.S. products. U.S-Mexico bilateral trade increased from $88 billion in 1993, the year prior to the implementation of NAFTA, to $507 billion in 2013, an increase of 476 percent. After a drop in trade following the economic crisis of 2008, U.S.-Mexico trade in goods has grown steadily; rising 66 percent from $306 billion in 2009 to $507 billion in 2013. Negotiations are now underway for the Trans-Pacific Partnership (TPP), with U.S. and Mexican participation. The U.S. and Mexico seek to boost U.S. and Mexican economic growth by increasing exports in a region that includes some of the world's most robust economies and that represents more than 40 percent of global trade. The TPP presents an opportunity to go beyond NAFTA and is anticipated to be finalized in 2014.

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9781502323583

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