"The 115th Congress, in both its legislative and oversight capacities, faces numerous trade policy issues related to the renegotiation and modernization of the North American Free Trade Agreement (NAFTA).1 First launched under President George H. W. Bush, the NAFTA Implementation Act was signed into law by President William J. Clinton on December 8, 1993 (P.L. 103-182). NAFTA entered into force on January 1, 1994. NAFTA is significant because it was the first free trade agreement (FTA) among two wealthy countries and a low-income country and because it established trade liberalization commitments that led the way in setting new rules and disciplines for future trade agreements on issues important to the United States. These include provisions on intellectual property rights (IPR) protection, services trade, agriculture, dispute settlement procedures, investment, labor, and the environment. NAFTA addressed policy issues that were new to FTAs and for concluding major multilateral trade negotiations under the General Agreement on Tariffs and Trade (GATT) and its successor, the World Trade Organization (WTO). The United States now has 14 FTAs with 20 countries."
CRS Report for Congress, R44981