What trade agreements are currently in place?
Trade agreements are legal documents that are designed to promote and protect international trade. In California, there are various trade agreements that are in place. First, the North American Free Trade Agreement (NAFTA) is a trilateral agreement between the US, Canada, and Mexico. It was originally signed in 1994, and allows for the elimination of barriers to trade. This agreement was replaced by the US-Mexico-Canada Agreement in 2020, and includes more modern provisions for labor and environmental standards. Second, the US is a part of the World Trade Organization (WTO). This is a global body which sets the rules around international trade and settles disputes between countries. The US also participates in various regional trade agreements, such as the US-Korea Free Trade Agreement and the US-Japan Trade Agreement. Third, the EU-US Privacy Shield is a trade agreement between the European Union and the US which sets standards for the free flow of data. The agreement was created in 2016 and set up a process for US companies to comply with EU data protection laws for the handling of personal data from European citizens. Overall, there are many trade agreements in place in California that promote and protect international trade. From the North American Free Trade Agreement to the US-Korea Free Trade Agreement, these agreements help facilitate and strengthen global trade relationships.
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