Economics, trade and finance — Free trade areas — North American Free Trade Agreement (“NAFTA”) — Objectives — Relationship to General Agreement on Tariffs and Trade (“GATT”) and World Trade Organization (“WTO”) — Incorporation into NAFTA of provisions of GATT or treaty negotiated within framework of GATT — Relationship between GATT and WTO — GATT Uruguay Round — Extent to which WTO Agriculture Agreement provisions incorporated into NAFTA

Economics, trade and finance — Agriculture — WTO Agriculture Agreement — Duty to replace non-tariff barriers with tariffs — Whether duty to impose tariffs — Application as part of NAFTA

International tribunals — Arbitral tribunal — NAFTA Arbitral Panel established pursuant to Article 2008 of NAFTA — Constitution and terms of reference

Treaties — Application — Consecutive treaties dealing with same subject-matter — Effect for States parties to both agreements — Principle that treaty adopted later in time prevails — Incorporation of provisions of one treaty into another by reference

Treaties — Interpretation — Principles of interpretation — Vienna Convention on the Law of Treaties, 1969, Article 31 — Ordinary meaning of words — Reference to context and object and purpose — Free trade agreements — Objective of liberalizing trade — Duty of arbitral panel to adopt interpretation which would have the result of increasing rather than reducing trade liberalization