Finally, the 2008 financial crisis had a profound impact on the global economy, making it difficult to determine the effects of a trade agreement. Apart from some areas where the effect is not yet entirely clear, NAFTA has had a fairly obvious impact on the North American economies. The fact that it is now in danger of being abolished probably has little to do with its own merits or mistakes, and much more so with automation, the rise of China and the political consequences of September 11 and the 2008 financial crisis. The GATT came into force on January 1, 1948. From the beginning, it was refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which absorbed and extended it. To date, 125 nations signed its agreements, which covered about 90% of world trade. , 1992 by Canada, Mexico and the United States. It came into force on January 1, 1994. The agreement eliminated tariffs on goods traded between the three countries.
One of the objectives of NAFTA was to integrate Mexico into the advanced economies of the United States and Canada, in part because Mexico was seen as a lucrative new market for Canada and the United States. The three governments also hoped that the trade agreement would improve Mexico`s economy. However, it is unlikely that trade in financial markets is completely free in this day and age. There are many supranational regulatory bodies for global financial markets, including the Basel Committee on Banking Supervision, the International Organization of the Financial Markets Authority (IOSCO) and the Committee on Capital Movements and Invisible Transactions. In the health sector, a wide range of data is distributed to manage payments and insurance plans. Health care providers of all kinds also cooperate with different institutions to exchange information managed and regulated by trade agreements. NAFTA shows the classic dilemma of free trade: diffuse benefits with concentrated costs.