In 1994, the United States, Mexico and Canada, with the North American Free Trade Agreement (NAFTA), created the world`s largest free trade region, which generated economic growth and helped improve the living standards of the people of the three member countries. By strengthening trade and investment rules, this agreement has proven to be a solid foundation for building Canada`s prosperity and has provided a valuable example of the benefits of trade liberalization for the rest of the world. The new Canada-U.S.-Mexico agreement will strengthen Canada`s strong economic ties with the United States and Mexico. The initial Association Agreement brought many trade benefits to the EU and Mexico, although some trade barriers remain. Mexico`s free trade agreement with Central America began with an alliance along the Northern Triangle, with relations between the nations of El Salvador, Guatemala and Honduras. In 2011, Mexico, the Central American countries of origin and the additional nations of Costa Rica and Nicaragua signed an agreement that was officially ratified in 2013. The agreement maintained provisions similar to nafta, which contained little or no tariffs on goods and services, and generated about $5 billion in Mexican exports in 2015. 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] For the first time, a trade agreement requires Mexican manufacturing to account for 17% of GDP. [91] However, Mexican President Andrés Manuel Lupepez Obrador believes that this trade agreement will be a clear positive for the Mexican economy through increased foreign investment, job creation and the expansion of trade. [92] The new agreement will replace an earlier agreement between the EU and Mexico in 2000. The agreement is designated differently by each signatory – in the United States, it is called the U.S.-Mexico-Canada Agreement (USMCA); [1] [23] in Canada, it is officially known as the Canada-U.S.-Mexico Agreement (CUSMA) in English[24] and the Canada-U.S.-Mexico Agreement (ACEUM) in French; [25] and in Mexico, tratado is called tratado between México, Estados Unidos y Canadé (T-MEC). [26] [27] The agreement is sometimes referred to as “New NAFTA”[28][29] with respect to the previous trilateral agreement for the successor, the North American Free Trade Agreement (NAFTA). 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 published one month before the trade agreement came into force and replaced NAFTA on July 1, 2020. [32] Sector chapters, including Chapter 12, on 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. Take advantage of U.S. farmers, ranchers and agricultural businesses by modernizing and strengthening food and agricultural trade in North America.