Global Trade Overview On The United States - 1105 Words

4. GLOBAL TRADE OVERVIEW Trading Partners of NAFTA: Canada: Canada’s prosperity is built on it easy access to foreign trade and investment. The North American partnership is undoubtedly a significant competitive advantage for Canada. to help Canadian business opportunities all across the world, Canada is using this platform as a entry. The United States: The most diversified economy in the world. It’s is a market economy where businesses are leading in high-tech sectors and the manufacturing, namely computers, and aerospace, and in services, including agricultural, financial services and telecommunications, etc. Mexico: Trade modernized Mexico’s†¦show more content†¦Government Procurement: The provisions under NAFTA applied to the procurement of goods services.US suppliers were allowed some rights to bid on contract to provide maximum supply to Mexico Canada entities which ended up with rise in US export to Canada Mexico in sectors like construction, environmental communication, pharmaceuticals, electronic. IPR :( Intellectual Property Rights): NAFTA recognized the importance of protection of Intellectual property, where NAFTA had signed an agreement around years before the WTO agreement –â€Å"Trade Related Aspects of Intellectual Property Rights†(TRIPS) which protects the various kind of Intellectual property like Patent, Copyrights, Goodwill, Trademark, etc. Some of the Weaknesses/Dis advantages of NAFT: US jobs were Lost: As labor cost is cheapest in Mexico as manufacturing was moved from USA to Mexico. Around 80% of job losses are in Manufacturing. Specially Michigan, Texas, New York California were hilted the most as many of the industries were moved from these cities to Mexico.Indusries involved Computers. Textile Motors Vehicles, etc. (Source: Economic Policy Institute â€Å"The High Cost Of Free Trade†.) Mexico farmers were put out of Business: Mexico, near about 1.3 million jobs was lost. In the year of 2002 farm bill financed US agri-business by 40% of net income. The moment NAFTA eliminated tariff duty on