Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
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North American Free Trade Agreement

Acronyms &
Filed Under: financial-banking, investments
Tags: contract, trade

Definition of North American Free Trade Agreement (NAFTA)

North American Free Trade Agreement (NAFTA)
1. An agreement among the United States, Canada and Mexico that will allow for freer trade between the three countries.

Related Terms and Acronyms:

  • commerce   The systems and activities that impact business and trade within a nation and abroad.
  • documentary credit   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   The rate of change in output from one year to the next.
  • exports   Products and services produced in Canada and sold in other countries.
  • fiscal deficit   When the government spends more money than it receives in revenue over the course of one year.
  • fiscal policy   The use of government spending and taxation policies to influence the economy.
  • fiscal surplus   When the government receives more in revenue than it spends over the course of the year.
  • gross domestic product (GDP)   The total value of all the goods and services produced by the Canadian economy in a single year.
  • international banking   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)   An organization that promotes free trade between nations.
      ➥  Deals with the global rules of trade between nations.

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