Foreign Trade Agreements

Trade agreements are legally binding contracts between two or more countries that determine the rules of trade between them. These agreements cover a range of topics including tariffs, import quotas, export restrictions, and intellectual property rights. Major examples include multilateral agreements like the North American Free Trade Agreement (NAFTA), which was replaced by the United States-Mexico-Canada Agreement (USMCA), and bilateral agreements such as those the U.S. has with individual countries. The negotiation, ratification, and modification of these agreements are significant aspects of U.S. foreign policy and economic strategy.