What does "NAFTA" stand for in the context of trade?

In the context of trade, "NAFTA" stands for the North American Free Trade Agreement. This agreement was implemented in 1994 between the United States, Canada, and Mexico to create a trilateral trade bloc in North America. The primary objective of NAFTA was to eliminate trade barriers and facilitate the movement of goods and services among the three countries, ultimately promoting economic integration and growth in the region.

The reason B is the correct answer lies in the focus on North America, emphasizing the specific nations involved in the agreement and its purpose. By officially recognizing the three countries involved and highlighting the trade aspect, the name accurately reflects the agreement's objectives and structure.

The other terms provided do not represent established agreements or accurately capture the essence of the trade pact. Therefore, B is the only option that correctly identifies the full name of NAFTA and its significance in international trade relations.