Word: pacts
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...agreement will bind together three major economies -- two mature and wealthy, the third relatively poor but in the throes of rapid and profound modernization. Building upon a similar agreement between the U.S. and Canada that took effect in 1989, the expanded pact will create a $6.4 trillion megamarket of 363 million consumers. But it will also challenge the three governments with the prospect of far-reaching social dislocations. What worries politicians in all three nations is, Will the trade-off be worth...
...Mexico; in Canada tequila is slapped with a 183% duty). More important will be the steps that NAFTA takes to diminish nontariff barriers, such as dairy and cotton quotas in the U.S. and Canada, and various import licenses in Mexico. By rapidly widening the consumer market, the pact aims to spur capital investment across all three jurisdictions. This would be a striking change for Mexico, which has long banned outside ownership of strategic sectors like farm and border lands...
...those in the U.S. and Canada. The U.S. auto industry alone could lose thousands of positions. Mexican workers earning less than $20 a day are already building hundreds of thousands of Ford Mercury Tracers and Buick Centuries in Hermosillo and Ramos Arizpe and shipping them north. Under the pact, the Big Three's presence south of the border will surely grow in the next few years...
...anyway, either going under to foreign competition or moving to Asia. And there is an advantage to keeping even lost employment closer to home: manufacturers who move to Mexico are more likely to retain their proximate U.S. suppliers than are those who move to Asia. In fact, the trade pact may persuade many U.S. and other companies to shift production from low-cost Asian plants to low-cost Mexican plants, which could generate additional business for U.S. suppliers...
What will be the pact's effect on the global economy? Most economists believe that the world is drifting toward three major regional trading blocs: North America, Europe and, more slowly, Asia. The question, says Michael Aho, a fellow at the Council on Foreign Relations in New York City, is whether these connections will turn out to be "benign or belligerent...