Us Mexico Canada Agreement News

11. Executive Order 11651 of 3 March 1972 (textile agreements) established the Committee for the Implementation of Textile Agreements (CITA), made up of representatives of the ministries, the Ministry of Finance, Trade and Labour, as well as the USTR office, representing the Ministry of Commerce, as President, to oversee the implementation of textile trade agreements. In accordance with Title 301, United States Code, public servants who perform these functions jointly are public servants who must be appointed by the President with the approval of the Council and the Senate when performing duties entrusted by law to the President and are entrusted by the President. A new addition to the USMCA is the inclusion of Chapter 33, which covers macroeconomic policies and exchange rate issues. This is considered important because it could set a precedent for future trade agreements. [54] Chapter 33 sets out requirements for currency and macroeconomic transparency that, in the event of a breach, would be grounds for litigation under Chapter 20. [54] The United States, Canada and Mexico currently meet all of these transparency requirements in addition to substantive policy requirements that comply with the international Monetary Fund`s articles. [55] Sector chapters, including Chapter 12, relating to FDA-regulated products have not been considered in most previous trade agreements, including NAFTA. Therefore, the inclusion of these annexes by the USMCA is an innovation not only in U.S. trade policy, but also for international public health.

In addition to the original NAFTA provisions, the USMCA borrows significant credits under the Trans-Pacific Partnership (TPP) trade agreements and the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP). On April 3, 2020, Mexico announced its willingness to implement the agreement and joined Canada. [15] The agreement came into force on July 1, 2020. [16] [17] [18] [19] On June 19, 2019, the Mexican Senate ratified the agreement (114 yes, 3 no, 3 abstentions). [88] Mexico`s ratification process will be completed when the President announces its ratification to the Federal Register. The agreement is the result of a renegotiation between the member states of the North American Free Trade Agreement, which gave informal agreement on 30 September 2018 and officially on 1 October under the new agreement. [10] The USMCA was proposed by U.S. President Donald Trump and signed on November 30, 2018 by Trump, Mexican President Enrique Pea Nieto and Canadian Prime Minister Justin Trudeau as a secondary event of the 2018 G20 summit in Buenos Aires. A revised version was signed on December 10, 2019 and ratified by the three countries, with final ratification (Canada) taking place on March 13, 2020 just before the Canadian Parliament adjourned due to the COVID-19 pandemic. The agreement will restore security to the direction of the North American economy for the multitude of companies that depend on the rules to carry out their business. While the Trump administration reached an agreement with Canada and Mexico more than a year ago, after months of tense negotiations, the president threatened to pull Canada out of the agreement. An April 2019 Analysis by the International Trade Commission on the likely effects of the USMCA estimated that the agreement would increase U.S.

real GDP by 0.35 percent if the agreement were fully implemented (six years after ratification) and would increase total U.S. employment by 0.12% (176,000 jobs). [114] [115] The analysis cited by another Congressional Research Service study showed that the agreement would not have a measurable effect on employment, wages or overall economic growth. [114] In the summer of 2019, Larry Kudlow, Trump`s chief economic adviser (the director of the National Economic Council at Trump White House), made unfounded statements about the likely economic impact of the agreement and overstated forecasts related to jobs and GDP growth. [114] “This is a victory for all Canadians of all political convictions and regions of our great country,” she said at a press briefing.