North American Free Trade Agreement
- An agreement among the United States, Canada and Mexico that will allow for freer trade between the three countries.
Related Terms and Acronyms
- Commerce — Definition,
- The systems and activities that impact business and trade within a nation and abroad.
- Documentary Credit — Definition,
- Written undertaking by a bank on behalf of an importer authorizing an exporter to draw drafts on the bank up to a specified amount under specific terms and conditions. They are used to facilitate international trade. In the United States these instruments are called commercial letters of credit.
- Economic Growth — Definition,
- The rate of change in output from one year to the next.
- Exports — Definition,
- Products and services produced in Canada and sold in other countries.
- Fiscal Deficit — Definition,
- When the government spends more money than it receives in revenue over the course of one year.
- Fiscal Policy — Definition,
- The use of government spending and taxation policies to influence the economy.
- Fiscal Surplus — Definition,
- When the government receives more in revenue than it spends over the course of the year.
- Gross Domestic Product (GDP) — Acronym,
- The total value of all the goods and services produced by the Canadian economy in a single year.
- International Banking — Definition,
- The operation of bank branches and subsidiaries located outside Canada. This area of banking also includes the supervision of correspondent banking relationships, foreign exchange trading, and trade finance.
- World Trade Organization (WTO) — Company Est. 1995,
➥ Deals with the global rules of trade between nations.
- An organization that promotes free trade between nations.