The European Union For Peace and Prosperity
The agreement became law in 1994. It was felt that although many manufacturing jobs would move to Mexico because of reduced labor costs there, Americans and Canadians would benefit because the Mexicans would have more money to spend on American and Canadian imported goods because of increased employment opportunities, and U.S. and Canadian consumers would benefit from cheaper goods produced in Mexico. Lower labor costs in Mexico would allow U.S. and Canadian manufacturers who moved production there to compete with Asian and European rivals.

MERCOSUR was originally a free trade pact between Brazil and Argentina formed in 1988

 
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