The U.S., Mexico and Canada have finalized negotiations to update the North American Free Trade Agreement, which has been rebranded as United States-Mexico-Canada Agreement, and will be referred to, as “USMCA”. The new agreement maintains and continues, as with NAFTA a tri-part agreement with the three countries.
The text of the agreement is in the process of being submitted to each country legislative bodies for approval. It is expected that the Presidents of the U.S., Mexico and Canada will sign the new agreement late November.
On Sunday night, United States Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland released a joint statement which says:
“Today, Canada and the United States reached an agreement, alongside Mexico, on a new, modernized trade agreement for the 21st Century: the United States-Mexico-Canada Agreement (USMCA). USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region. It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home.”
The U.S.-Mexico Chamber of Commerce applauds the efforts of President Trump, President PeÃ±a Nieto and Prime Minister Trudeau and their head negotiators to reach a deal that is comprehensive and reflects modern practices in trade and financial services, protects workers and intellectual property, and upholds provisions to prevent and/or correct unfair practices, and includes a mechanism to review the agreement within reasonable time frames to make sure it evolves along newer market practices, technologies and industries.
The Chamber looks forward to continuing our mission of promoting trade, investment and good business relationships between the U.S. and Mexico, and our partner Canada under this revitalized partnership, and to work with our members to analyze and adopt this new deal.
The full document of the United States-Mexico-Canada Agreement is available at:
United States-Mexico-Canada Agreement Text