WASHINGTON, Aug. 12, 1992 (UPI) - Labor leaders and key Democrats denounced the new North American Free Trade Agreement Wednesday, contending the pact the Bush administration claims will create U.S. jobs could turn U.S. industrial centers into ''ghost towns.''

WASHINGTON, Aug. 12, 1992 (UPI) --President Bush, stressing its potential for creating American jobs, Wednesday announced completion of a historic and politically sensitive North American Free Trade Agreement, which will wipe out customs barriers and open markets among the United States, Mexico and Canada.

WASHINGTON, Aug. 12, 1992 (UPI) -- Following are the key elements of the North American Free Trade Agreement that the United States, Mexico and Canada completed Wednesday. The pact must be approved by Congress.--Approximately 65 percent of U.S. industrial and agricultural exports to Mexico will be eligible for duty-free treatment either immediately or within five years.

WASHINGTON, Aug. 13, 1992 (UPI) - President Bush's environmental chief responded to critics of the North American Free Trade Agreement Thursday, saying the pact ensures compliance with tough U.S. environmental laws and encourages all three countries to increase environmental protection.

MEXICO CITY, Aug. 13, 1992 (UPI) -- Mexican businessmen saw possible access to technology, new markets and foreign investment in a generally cautious reaction to completion of the final draft of a North American Free Trade Agreement.