United States-Mexico-Canada Agreement (Usmca)

On December 10, 2019, a revised USMCA agreement was concluded by the three countries. On January 29, 2020, Deputy Prime Minister and Minister of Intergovernmental Affairs Chrystia Freeland introduced the USMCA C-4 Implementation Act[93] in the House of Commons and passed first reading without a recorded vote. On February 6, the bill was passed in the House of Commons by a vote of 275 to 28 at second reading, with the Bloc Québécois voting against and all other parties, and was referred to the Standing Committee on International Trade. [99] [100] [101] On February 27, 2020, the committee voted to refer the bill back to the plenary for third reading, without amendment. A new addition to the USMCA is the inclusion of Chapter 33, which covers macroeconomic policies and exchange rate issues. This is considered important, as it could set a precedent for future trade agreements. [54] Chapter 33 sets out monetary and macroeconomic transparency requirements that, if violated, would create a remedy under Chapter 20. [54] The United States, Canada and Mexico currently meet all of these transparency requirements, in addition to the substantive political requirements that are consistent with the articles of the International Monetary Fund Convention. [55] The agreement is the result of a renegotiation between 2017 and 2018 between the member states of the North American Free Trade Agreement, which formally agreed on 30 September 2018 and 1 October on the terms of the new agreement. [10] The USMCA was proposed by U.S.

President Donald Trump and adopted on November 18, 2018, signed by Trump, Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau as a side event of the G20 summit in Buenos Aires in 2018. A revised version was signed on December 10, 2019 and ratified by all three countries, with final ratification (Canada) taking place on March 13, 2020, just before the postponement of the Canadian Parliament due to the COVID-19 pandemic. The Trump administration`s Office of the U.S. Trade Representative has proposed the USMCA, citing new digital trade measures, stronger trade secret protections and adaptations to rules of origin for motor vehicles as some of the benefits of the trade deal. [112] The USMCA sets the highest standard of all U.S. trade agreements for effective and effective protection of intellectual property rights. This is an important upgrade to NAFTA. However, substantial changes were made to the Intellectual Property Chapter, Chapter 20, in December 2019, following negotiations on the revision of the USMCA text, which had been signed in November 2018. Growing objections in member states to the United States Trade policy and various aspects of the USMCA have influenced the signing and ratification process. Mexico said they would not sign the USMCA if tariffs on steel and aluminum were maintained. [62] There has been speculation about the U.S.

results of November 6, 2018. . .