Multilateral Trade A Burden On Economic Freedom Or An

Multilateral Trade: A Burden on Economic Freedom or an Equal Economic Opportunity Multilateral trade are commerce treaties between three or more countries. Multilateral trade can be one of the most important aspects of any nation’s economy. Many businesses rely upon trade between multiple countries to boost their economic growth and investment. It takes many years for a country to agree upon multilateral trade but once a treaty is passed, it allows all the nations involved to have equal trade opportunities. World Bank states, â€Å"In 2000, the countries of the world traded goods and services worth a total of $7.6 trillion. To put this number in perspective, on average, about one out of every four dollars of income in each country in the world†¦show more content†¦The U.S. goods and services trade deficit with NAFTA was $116 billion in 2007.† The economic advantages of NAFTA are substantial, in 2015 the trade administration has stated that trade had increased to $1.15 trillion. With such a drastic increase this has shown how valuable NAFTA is to the U.S. and certainly Mexico. According to the Foreign Trade Analysis, many businesses within Mexico rely on the trade agreement in order to ship their goods and services to the U.S. and Canada without increased tariffs, for example, the Mexican local-content requirements. Many businesses within the U.S. rely on Canadian oil. NAFTA decreased the price of oil imports which has lead to a more powerful economic partnership. According to U.S. Energy Information Administration, the U.S. imported $37.8 billion worth of crude oil in 1993. Most of the oil imports came from Saudi Arabia with 18.4 percent, only 14 percent of that came from Canada. The department states, â€Å"In 2014 Canada sold the U.S. $85.6 billion, or 33.8percent of $253 billion in total crude imports.† Canada’s oil has grown 997 percent, nearly all of Canada’s imports of oil has gone towards the U.S. NAFTA greatly benefited three types of industry within the U.S.; Healthcare, agriculture and automotive, due to an increase in exports. Sales grew to 0.5 percent for many of these industries according to the US Energy Administration. 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