The United States, Mexico and Canada have reached an agreement for the good of U.S. farmers, ranchers and agricultural companies. While agriculture has generally developed well under NAFTA, significant improvements to the agreement will allow food and agriculture to trade more equitably and increase exports of U.S. agricultural products. In the chapter “Health and Plant Health Measures” (SPS), the United States, Mexico and Canada agreed to strengthen disciplines for scientifically sound SPS measures, while ensuring that the parties respect their sovereign right to the protection of life, animals, animals and plants or health. The provisions provide for greater transparency in the development and implementation of SPS measures; Promoting scientific decision-making Improve certification, regionalization and equivalency processes Conducting system-based audits Improving the transparency of import controls; cooperation actions to improve the compatibility of the measures. The new agreement would establish a new mechanism for technical consultation between the parties to resolve the issues. The Trump administration`s office proposed the USMCA citing new measures for digital commerce, strengthening the protection of trade secrets and adapting the rules of origin of automobiles among the benefits of the trade agreement. [112] 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] The U.S.-Mexico-Canada agreement, also known as USMCA, is a trade agreement between the three nations that was signed on November 30, 2018. The USMCA replaced the North American Free Trade Agreement (NAFTA), which has been in force since January 1994. In accordance with NAFTA, tariffs on many goods that escape between the three major economic powers of North America have been phased out. Until 2008, tariffs on various agricultural products, textiles, automobiles and other products were reduced or eliminated. The North American Free Trade Agreement (NAFTA) is a treaty of the United States, Canada and Mexico; it came into force on 1 January 1994.