What you need to know about the new NAFTA Agreement (USMCA)

From Sussex Strategy Group Inc.


(Sussex Strategy Group Inc.) Mere hours before a US-Mexico imposed deadline for ratification and after 13 months of intense, exhaustive and at times combative negotiations, Prime Minister Justin Trudeau announced shortly before midnight last evening the completion of the renegotiation of the North American Free Trade Agreement (NAFTA), now titled the United States-Mexico-Canada Agreement (USMCA) which covers $1.2 Trillion in annual trade.

Trudeau and Foreign Affairs Minister Chrystia Freeland along with Canada’s Ambassador to the United States David MacNaughton, lead negotiator Steve Verheul and Senior PMO officials were reported to have spent the greater part of the weekend in intensive last-minute discussions.

Talks in recent weeks had intensified following the United States and Mexico’s joint agreement in late August, with some fears that Canada would be left out of a new deal. Given the late-breaking nature of the deal last evening, analysis of the deal is ongoing, however, the headline items appeared as the retention of the Chapter 19 dispute clause and greater American access to the Canadian Dairy Market.

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