U.S., Mexico, Canada Trade Agreement Reached
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Last week, the United States, Mexico and Canada reached an agreement to modernize NAFTA. The new trade agreement, the United States-Mexico-Canada Agreement (USMCA), includes:
- More comprehensive enforcement provisions and protections for intellectual property right
- Strong disciplines on digital trade
- Increased De Minimis shipment value levels for Canada and Mexico
- Updated financial services chapter with greater transparency obligations
- Cross border trade in financial services
- A prohibition on local data storage requirements and commitments to liberalize financial services markets
- A new exchange policy and transparency commitments on currency issues
- A renegotiated labor chapter that brings labor obligations into the core of the agreement and makes them fully enforceable
- A more comprehensive set of enforceable environmental obligations, which include the strengthening of law enforcement networks to combat trafficking
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