What is a major aspect of the North American Free Trade Agreement (NAFTA) implemented in 1994?

The major aspect of the North American Free Trade Agreement (NAFTA), implemented in 1994, is that it eliminated most tariffs on traded products among the United States, Canada, and Mexico. The agreement aimed to foster trade and economic cooperation between these countries by reducing barriers to trade, which included the removal of tariffs, thus allowing goods to move more freely across borders. This significant reduction in tariffs is designed to create a more integrated market for goods and services, ultimately promoting higher levels of trade and investment among the three nations.

The elimination of tariffs under NAFTA was expected to enhance competitiveness and lower prices for consumers by allowing for a more efficient allocation of resources and enabling companies to take advantage of comparative advantages in production. As a result, NAFTA aimed to stimulate economic growth and improve prosperity in the region.

The other aspects mentioned, such as restricting trade, introducing environmental regulations, or increasing import taxes, do not align with NAFTA's primary objective of promoting free trade and economic integration.