Certification in Supplier Diversity Practice Exam

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What trade agreement, effective January 1, 1994, aimed to reduce trade barriers among the U.S., Canada, and Mexico?

GATT
NAFTA
Trade Agreement Act
Robinson-Patman Act

The correct answer is: NAFTA

The North American Free Trade Agreement (NAFTA) was enacted on January 1, 1994, with the primary goal of reducing and eliminating trade barriers between the United States, Canada, and Mexico. This landmark trade agreement aimed to promote economic cooperation and increase cross-border trade by creating a trilateral trade bloc. By dismantling tariffs and facilitating easier access to each country's markets, NAFTA significantly impacted trade patterns, investment flows, and job creation in the region. This agreement was revolutionary in establishing a framework for trade that encouraged businesses to operate more freely across borders, which in turn bolstered economic integration among the three nations. NAFTA set the stage for further trade agreements and discussions about economic collaboration, highlighting the importance of trade facilitation in the global economy. While the other options refer to various trade policies and agreements, they do not represent the specific agreement aimed at reducing trade barriers among the U.S., Canada, and Mexico beginning in 1994, making NAFTA the correct answer.