North American Free Trade Agreement
The North American Free Trade Agreement between Canada, USA and Mexico, otherwise known as NAFTA, came into effect in January 1994.
NAFTA includes almost all classes of trade in the food and consumer goods industry covering 90% of the products of the in HS Tariff Schedule resulting in a ZERO duty for the products covered.
The agreement covers products either manufactured, prepared or assembled in USA or Canada with certain restrictions on ingredients/components not being from the country of origin.
In addition to the zero duties, NAFTA also streamlines the process in regards to registering products, facilities and remove restrictions previously in place which made it impossible to export certain products.
U.S. goods and services trade with Canada totalled an estimated $627.8 billion dollars. Imports from Canada being 320.1 billion dollars while exports were 307.6 billion.
Canada was the United States 1st largest goods export market in 2016 along with the United States 3rd largest supplier of goods imports in 2016.
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