Common Contracts
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NAFTA AND THE USA-COLOMBIA FTA: LEARNING FROM THE PAST?November 22nd, 2012
Back in 1992, a commercial agreement was signed between USA and Mexico (and Canada), which was supposed to promote the economic growth of its members by removing barriers to trade and investment among the three nations. Twenty years later, some studies indicates that the US have lost more jobs than those created by the agreement and moved from positive to negative trade balance with Mexico, all that due to American companies reallocating their production in Mexico, limiting the possibilities of higher wage claims for low-income workers in USA. Mexico, on the other hand, has not seen the positive impact on manufacturing wages NAFTA was supposed to exert. Based on this experience, what can be expected from the Free Trade Agreement between USA and Colombia in force since May 2012, since it is expected to achieve similar goals than NAFTA using similar policies?
