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NAFTA and Canada

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Book cover NAFTA — Past, Present and Future

Part of the book series: International Handbooks on Economic Integration ((IHEI,volume 2))

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Abstract

The world economy in the past few decades has witnessed significant trade liberalisation and economic integration (Ursacki and Vertinsky, 1997). The economic rationale for liberalised trade regimes is based on the improved efficiency of resource allocation and prospects of greater economic growth. Multilateral agreements have been signed under the auspices of GATT (now the WTO)1 to promote more open trading environments, and concomitantly regional integration has developed (EU, FTA, NAFTA) including intra-regional2 and inter-regional integration3. While regionalism4 has been seen as an instrument of free trade (see Lawrence, 1996), and has gained broader political acceptance (Law and Mihlar, 1998), a more cautionary note5 has been struck by Panagariya (1996), particularly as it relates to the inclusion of other countries within a broader based NAFTA. However, there is now a trend to expand, as evidenced by the signing of a Canada-Chile Free Trade Agreement in 1997, and moves to a Free Trade Area of the Americas (FTAA) by 2005, which Canada is currently leading. Whether there will be a convergence to a multilateral process of global integration (Vernon, 1996) is still a matter of debate and uncertainty as a complex set of economic, political and social factors interact.

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Authors
  1. C. Colin Dodds
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© 1999 Springer Science+Business Media New York

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Dodds, C.C. (1999). NAFTA and Canada. In: NAFTA — Past, Present and Future. International Handbooks on Economic Integration, vol 2. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-5165-2_2

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  • DOI: https://doi.org/10.1007/978-1-4615-5165-2_2

  • Publisher Name: Springer, Boston, MA

  • Print ISBN: 978-1-4613-7352-0

  • Online ISBN: 978-1-4615-5165-2

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