NAFTA's Only the Beginning
While the implementation of NAFTA may pose plenty of challenges for trade in the Americas, that hasn’t stopped the U.S. from initiating similar agreements with other foreign nations -- and that’s because the agreement has actually produced a number of economic successes.
In a 2014 review, the U.S. Chamber of Commerce concluded that trade with Canada and Mexico had risen to $1.2 trillion annually, and additionally found that trade between the U.S., Canada, and Mexico is growing at a faster rate than it is on a global level. Seizing on these signs of success, the U.S. has subsequently pursued agreements such as the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership.
Today, the U.S. participates in a total of 20 free trade agreements, offering companies more opportunities than ever to participate in the largest global trade markets. The key to successfully capitalizing on those opportunities will be efficient and effective supply chain management.