USMCA Trade Agreement Summary
October 3, 2018
On September 30, 2018 trade negotiators from Canada, Mexico, and the United States concluded 14 months of negotiating updates to the NAFTA agreement. Chrystia Freeland and her negotiating team led by Steve Verheul and his officials need to be congratulated and thanked for the outstanding work and service they did on Canadian’s behalf. This is the third major trade deal they have negotiated, following CETA with the EU and CPTPP with 11Pacific Rim countries. Canada is now the only G7 partner with negotiated trade agreements in North America, Europe, and the Pacific. These progressive trade agreements have common items involving labour, culture, environment, indigenous people, and the rights of women and girls. Next steps are ratification by the elected officials in each country, followed by implementation into legislation and regulations. During this period we hope to see compensation negotiated in Canada with supply managed sectors, and changes to steel and aluminum currently under section 232 tarrifs.
I have included links below which outline the impacts in many different industries and sectors that are important to Guelph and Canadians from Coast to Coast to Coast including:
The goal of the USMCA agreement is to protect jobs in member countries, and to improve competitiveness for North America in the global market. We have recently debated the CPTPP agreement in Parliament and will be proceeding with committee study prior to ratification. The CETA agreement with the EU has been debated, studied, and ratified. We will follow a similar process with USMCA in the coming months.
Should you have questions about the new trade agreement and what it means for you, the industry you work in or your family, do not hesitate to contact my office.