Us Mexico Canada Trade Agreement Text

Take advantage of U.S. farmers, ranchers and agricultural businesses by modernizing and strengthening food and agricultural trade in North America. On December 10, 2019, the three countries reached a revised USMCA agreement. On January 29, 2020, Deputy Prime Minister and Minister of Intergovernmental Affairs Chrystia Freeland introduced the USMCA C-4 Transposition Act in the House of Commons[93] and passed the first reading without a registered vote. On February 6, the bill passed second reading in the House of Commons by 275 votes to 28, with the Bloc Québécois voting against and all other parties voting in its favour, and it was referred to the Standing Committee on International Trade. [99] [100] [101] On 27 February 2020, the committee voted to send the bill to Parliament for third reading, without amendments. 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. In accordance with Section 103 (b) (2) of the USMCA Act, the date of the interim provisions to be recommended will be set no later than after the USMCA comes into force and the implementation of the uniform rules of origin.

[31] Uniform regulations at the USMCA help interpret the various chapters of the USMCA, first chapters 4-7. These rules were released a month before the trade agreement came into force and replaced NAFTA on July 1, 2020[32] On April 24, 2020, U.S. Trade Representative Robert Lighthizer formally informed Congress that the new trade agreement would come into effect on July 1, 2020, and he also informed Canada and Mexico. [86] [87] 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] – Supporting a 21st century economy through new measures to protect intellectual property in the United States and guarantee trade opportunities in U.S. services. U.S. Department of Commerce (www.trade.gov/export-solutions) On March 1, 2019, many organizations representing the U.S.

agricultural sector announced their support for the USMCA and asked Congress to ratify the agreement.