The North American Free Trade Agreement (NAFTA) took effect on January 1, 1994. The agreement was signed by President George H. W. Bush on December 17, 1992 and approved by Congress on November 20, 1993. The NAFTA Implementation Act was signed into law by President William J. Clinton on December 8, 1993 (PL 103-182). The overall economic impact of NAFTA is difficult to measure since trade and investment trends are influenced by many other economic variables, such as economic growth, inflation, and currency fluctuations. The deal likely accelerated and locked in trade liberalization already underway in Mexico, but many of these changes could have happened without a deal. Nonetheless, NAFTA is important because it was the most comprehensive free trade agreement (FTA) negotiated at the time and contained several groundbreaking provisions. One of the legacies of the agreement is that it served as a model for the next generation of FTAs ​​that the United States subsequently negotiated, and that it also served as a model for certain provisions of multilateral trade negotiations in the framework of the Uruguay Round. no to plagiarism. Get a custom essay on “Why Violent Video Games Should Not Be Banned”?Get the original essay The 115th Congress faces many issues related to NAFTA and international trade. On May 18, 2017, the Trump administration sent Congress a 90-day notice of its intention to begin negotiations with Canada and Mexico to renegotiate NAFTA, as required by the Trade Promotion Authority (TPA). 2015. The administration also began consulting with members of Congress on the scope of the negotiations. Furthermore, President Trump has at times threatened to withdraw from the agreement without satisfactory results. Congress may wish to consider the consequences of renegotiating or withdrawing from NAFTA and how it might affect the U.S. economy and foreign relations with Mexico and Canada. He may also wish to consider the role of Congress in a possible renegotiation, as well as the negotiating positions of Canada and Mexico. Mexico has said that if NAFTA is reopened, it could seek to expand negotiations to include security, counter-narcotics and transmigration issues. Mexico also indicated that it could choose to withdraw from the agreement if the negotiations did not go in its favor. Congress may also wish to address issues related to the United States' withdrawal from the proposed Trans-Pacific Partnership (TPP) free trade agreement between the United States, Canada, Mexico and 9 other countries. Some observers say withdrawing from the TPP could harm U.S. competitiveness and economic leadership in the region, while others see the withdrawal as a way to prevent lower-cost imports and possible loss of business. jobs. Key provisions of the TPP may also be addressed in “modernizing” or renegotiating NAFTA, an FTA that is more than twenty years old. NAFTA was controversial when it was first proposed, mainly because it was the first FTA involving two rich, developed countries and one developing country. The political debate around the deal has been divisive, with supporters arguing that the deal would help generate thousands of jobs and reduce income disparities in the region, while opponents warned that the deal would lead to huge job losses in the United States as companies relocate production to Mexico. lower costs. In reality, NAFTA did not cause the.