An acronym for North American Free Trade Agreement is a treaty implemented on January 1, 1994 between Mexico, Canada and the United States. NAFTA eliminated most tariffs on trade between the three economic powers and encouraged economic activity. NAFTA is the first time two developed nations signed a trade agreement with an emerging market country. NAFTA is 2,000 pages with 8 sections and 22 chapters. It's pros and cons are hotly debated. On January 23, 2017 President Trump signed an executive order to renegotiate NAFTA as he prefers bilateral trade agreements over multilateral ones.