Growing importance of US-Mexican energy trade

摘要

In 1992 the USA, Canada, and Mexico entered into the North American Free Trade Agreement (NAFTA). Its purpose was to expand trade among the three nations through the elimination of tariffs and other trade barriers. It was not fully implemented until 1994 following full ratification by all three trading partners, and it was signed into law by President Bill Clinton. NAFTA created the world's largest single market, comprising 450 million people with an economic value of over USD20 trillion in joint gross domestic product. The three trading partners combined represent an economy that is greater than the economic output of the European Union (GDP figures taken from CIA World Factbook, 2016).