The agreement is referred to differently by each signatory – in the United States, it is called the United States, Mexico and Canada (USMCA). [1] [23] In Canada, it is officially known as the Canada-United States-Mexico Agreement (CASMAA) in English[24] and the Canada-United States-Mexico Agreement (CUSMA) in French; [25] and in Mexico, it is called Tratado entre México, Estados Unidos y Canadá (T-MEC). [26] [27] The agreement is sometimes referred to as the ”New NAFTA”[28][29], in reference to the previous trilateral agreement it aims to replace, the North American Free Trade Agreement (NAFTA). NAFTA provides for three main dispute settlement mechanisms. Chapter 20 is the resolution mechanism from one country to another. It is often considered the least controversial of the three mechanisms, and it has been maintained in its original NAFTA form in the USMCA. Such cases would include complaints between USMCA member states that a provision of the agreement has been violated. [48] In Chapter 19 disputes, the justification of anti-dumping or countervailing duties is regulated. Without Chapter 19, the legal recourse for the management of these policies would be through the national legal system. Chapter 19 states that a USMCA committee will hear the case and act as an international trade tribunal to resolve the dispute.
[48] The Trump administration has attempted to remove Chapter 19 of the new TEXT of the USMCA, although it has already been in place in the agreement. The United States-Mexico-Canada Agreement (USMCA) is a trade agreement between these parties. The USMCA replaced the North American Free Trade Agreement (NAFTA). In 1994, the United States, Mexico and Canada created the world`s largest free trade region with the North American Free Trade Agreement (NAFTA), which generated economic growth and helped raise the standard of living of people in all three member countries. By strengthening trade and investment rules and procedures, 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 agreement between Canada, the United States and Mexico will serve to strengthen Canada`s strong economic ties with the United States and Mexico. USMCA countries must adhere to IMF standards to prevent exchange rate manipulation. The agreement provides for the disclosure of market interventions. The IMF may be subpoenaed to act as an arbitrator when the parties object.
[57] On June 1, 2020, the USTR Office issued the Uniform Rules,[30] which are the last hurdle before the agreement is implemented on July 1, 2020. On December 12, 2019, the Mexican Senate adopted the revised treaty by 107 votes to 1. [89] On April 3, 2020, Mexico announced that it was ready to implement the agreement and accede to Canada,[15] although it had requested to give its automotive industry additional time to comply with the agreement. [90] In addition, on May 11, 2018, House Speaker Paul Ryan set May 17 as the deadline for congressional action. This deadline was not met and the agreement with Mexico was only concluded on 27 August 2018. [33] At that time, Canada had not yet accepted the agreement submitted. Since the outgoing President of Mexico Enrique Peña Nieto on the 1st. Leaving office in December 2018 and requiring 60 days as a review period, the deadline to provide the agreed text ended at the end of 30 September 2018, which was exactly reached on 30 September. Negotiators worked day and night and finalized the agreement on a draft text less than an hour before midnight of that date. The following day, October 1, 2018, the text of the USMCA was published as an agreed document. The United States, Mexico and Canada have agreed on a labour chapter that integrates labour commitments at the heart of the agreement, making them fully enforceable and constituting the strongest provisions of a trade agreement. .
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