North America

North American trade is a significant supplier of manufacturing goods, technology and natural resources. In 2021, the region accounted for around 12% of world merchandise exports and 18% of world merchandise imports in volume, and for around 15% of world services exports and 12% of world services imports in volume. Moreover, the three countries, Canada, Mexico, and the United States, represent over 28% of the world’s foreign direct investment, registering over $458.7 billion in inflows and $492.3 billion in outflows in 2021. Canada, Mexico, and the United States have established a partnership through the North American Free Trade Agreement (NAFTA) and its successor, the United States-Mexico-Canada Agreement (USMCA). The three countries have since minimized tariffs and other trade barriers on goods and services, creating an integrated production platform that enhances their competitiveness and innovation. Furthermore, the region has established additional global trade relationships with a variety of partners, including Australia, China, Germany, Japan, and the United Kingdom.