Impact of NAFTA on U.S. Trade with Latin American Countries - Introduction

Oct 13, 2026

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Impact of NAFTA on U.S. Trade with Latin American Countries examines how regional trade blocs shape economic development in the western hemisphere, highlighting NAFTA as formed in 1994 among the United States, Canada, and Mexico. It discusses the U.S. policy context in 2002, including President George W. Bush’s “fast track” authority and congressional approval or rejection of trade agreements. It also presents South Dakota and U.S. business highlights with key indicators like income, employment, and unemployment.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages13

Reading Time33 min

AccessFree to download

Business Highlights

South Dakota Business and Economic Activity

Impact of NAFTA on U.S.Trade with Latin AmericanCountries Bijayananda Naik…… … … ……1Business Highlights ………………………………2South Dakota Business and Economic Activity………………3 SoUTH DAKOTA BusinessReview December 2002,Vol.LXI,No.II Published by Business Research Bureau◆University of South Dakota | | | South Dakota | United States | | --- | --- | --- | --- | | Latest
Quarter
General Indicators | | Year
Latest
Percent
Change
Ago
Quarter | Percent
Year
Latest
Ago
Quarter
Change | | Personal Income($Mil.)
Farm Prop.Income(S Mil.)
Non-ag Employment (Thous.)
Unemployment Rate (%)
Total Employment(Thous.) | 2002-2
2002-2
2002-3
2002-3
2002-3 | 5.2
20,093
21,130
7.9
698
753
381
-0.3
382
2.7
3.4
2.0
392
400 | 2.7
8,669,921
8,904,969
-63.5
20,593
7,510
-0.8
131,943
130,868
4.8
5.7
-0.2
134,839
134,568 | | Note:All U.S.data seasonally adjusted.
For South Dakota,all data is seasonally adjusted except for non-ag employment. | | | | | ambitious plan for a massive trade bloc extending
Impact of NAFTA on U.S.Trade with
from Alaska to Argentina.
Latin American Countries
In August of 2002,U.S.President George W.Bush
signed a trade promotion authority bill (formerly called
By Bijayananda Naik
"fast track"authority)which allows congress either to
approve or to reject a trade agreement formed by the
1.Introduction
U.S.government and one or more foreign
Creation of regional trade blocs has become central to
governments,but does not allow amending the
the economic development in the western hemisphere
agreement.This bill is seen as an essential incentive
during the last decade.Chief among these regional
for the countries of the western hemisphere to
trade integration efforts during the 1990s are NAFTA
(North American Free Trade Agreement)formed in
favorably consider any U.S.initiative for further
1994with the USA,Canada,and Mexico as members
hemispheric trade integration.In his radio address to
in North America,Mercosur(Common Market of the
the nation in March 2002,President Bush proclaimed
Southern Cone)formed in 1991 with Argentina,Brazil,
"The NAFTA trade agreement is a model for the
Paraguay,and Uruguay as members in South
worid."At its inception in 1994,future expansion of
NAFTA was perceived as a logical step toward further
America,and the proposed FTAA(Free Trade Area of
hemispheric trade integration(Bernal,1994).Bernal
the Americas)anticipated to form in 2005 with an
Continued on page | | --- | S State Data Center News-2002 Economic Census……………7Local Indicators and Consumer Price Index………………………9South Dakota income and Employment Tables………10South Dakota Agricultural Indicators……………… ……11Definitions of Economic indicators……………… ………12 | BUSINESS RESEARCH BUREAU
SoUTH DAKOTA BuSINESS REVIEW
Wade Druin,interim Director of Professional Services &
State Director,Small Business Development Center
Vol.LXI,No.II December 2002
Randall M.Stuefen,Associate Director &Director of Research
Nancy Nelson,Interim Director of Finances&
Program Manager,S.D.State DataCenter
Carole Cochran,Project Coordinator,Kids Count
Published by
Kareen Dougherty,Program Manager,CODES
Business Research Bureau
Timothy Shumaker,Director of Facilities &Senior Programmer Analyst
School of Business
Beth Adamson,Executive Director,Family Business Initiative
Linda Burcham,Senior Secretary.FBI
University of South Dakota
Nancy Kniffen Craig,Information Officer
Vermillion,SD 57069
Thelma Lind,Office Supervisor
605-677-528

FAQs

What role does NAFTA play in the document’s discussion of regional trade blocs?

NAFTA is presented as central to western hemisphere trade integration efforts in the 1990s, formed in 1994 and involving the United States, Canada, and Mexico.

What is described as the “fast track” authority in the 2002 U.S. context?

The document states that a trade promotion authority bill (formerly called “fast track” authority) allows Congress to approve or reject a trade agreement formed by the U.S. government and foreign governments.

Which economic indicators are used in the tables for South Dakota and the United States?

The document lists indicators such as personal income, farm property income, non-ag employment, unemployment rate, and total employment, alongside quarter and year latest values and percent changes.

Oct 13, 2026

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