Were eliminated within a ten-year period. Canadian producers gained increased access to a

Market ten times the size of Canada, while US consumers gained the advantage of lower-priced

Canadian goods. In return, Canada cut its tariffs by more than the United States because Canadian

Tariffs were higher than those in the United States. These reduced Canadian tariffs helped American

Producers and Canadian consumers.

The gain to each country from the US—Canadian accord is large. In 1992 Mexico signed this

Agreement. In 1994 NAFTA came into force and its complete realization is to be effected by 2010.

Summary volume of export of the US to Canada and Mexico made $271 billion in 1999 (about

39 % of the total US exports), including: $167 billion (24 %) to Canada, $104 billion (15 %) to

Mexico. In its turn, Canadian exports to the US made $200 billion (82 %) in 1999 and Mexico

exports to the US made $113 billion (83 %).

*

Terminological Vocabulary to Text 19.4. Try to memorize it

World Trade Organization (WTO) — Всемирная Торговая Огранизация (ВТО)

Liberalization — либерализация

Mutual aid, assistance — взаимопомощь

Community — сообщество

Agreement — соглашение

Reciprocal (mutual) concessions — взаимные уступки

Favoured treatment — благоприятствование

Nondiscriminatory treatment — недискриминационный режим

Subsidy — субсидия

Restriction — ограничение

External tariff — внешний тариф

Gain — выгода