Canada United States Mexico Agreement

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14.11 To meet Canada`s international trade obligations, the Governor of the Council may, by order, amend List IV by adding or erasing the name of a trade agreement. 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. 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] On April 3, 2020, Canada informed the United States and Mexico that it had completed its national process of ratifying the agreement. [104] On July 17, 2017, the United States released a summary of the negotiating objectives for the renegotiation of NAFTA. U.S. objectives include deficit reduction, the inclusion of a chapter on the digital economy, and the inclusion and strengthening of labour and environmental commitments currently included in NAFTA`s ancillary agreements.

On November 30, 2018, the USMCA was signed as planned by the three parties at the G20 summit in Buenos Aires. [58] [59] Disputes over labour rights, steel and aluminum prevented ratification of this version of the agreement. [60] [61] Canadian Deputy Prime Minister Chrystia Freeland, U.S. Trade Representative Robert Lightizer, and Mexican Under-Secretary of State for North America Jesus Seade officially signed a revised agreement on December 10, 2019, ratified by the three countries on March 13, 2020. National procedures for ratifying the agreement in the United States are governed by the legislation of the Trade Promotion Authority, which is also known as the fast-track authority. The North American Free Trade Agreement (NAFTA) is a regional agreement between the Canadian government, the Mexican government and the U.S. government for the implementation of a free trade area.