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Topical Terminology > U.s.-canada Free Trade Agreement (Fta Or Cfta)



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U.S.-CANADA Free Trade Agreement (FTA or CFTA)

For U.S.-CANADA Free Trade Agreement (FTA or CFTA) we have a term and definition in Customs.



U.s.-canada Free Trade Agreement (Fta Or Cfta) (Customs)

A free trade agreement implemented on January 1, 1989, between the United States and Canada following approval and implementation of its terms by the Congress in 1988. The United States and Canada decided to suspend the FTA upon NAFTA's entry into force, January 1, 1994. The agreement provided for the elimination of tariffs on all U.S.-Canada trade by 1998. The agreement also provided improved access with respect to government procurement and a code of principles on services trade, including national treatment, the right to sell across borders, the right of establishment and transparency in regulations. Additional commitments were made in the areas of telecommunications, tourism, financial services and architectural services. Provisions in this comprehensive free trade agreement dealt with foreign investment regulation, bilateral energy trade and access to energy supplies, border crossing procedures for certain professional and technical personnel, agriculture and dispute settlement. The FTA was the world's largest and most comprehensive bilateral free trade agreement until NAFTA entered into force.
See also: Bilateral Trade Agreement, Common External Tariff, Customs Union, General Agreement on Tariffs and Trade, North American Free Trade Agreement, U.S.-Canada Trade Commission,


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