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Status Of Usmca Agreement

In addition to the original NAFTA provisions, the USMCA borrows significant credits under the Trans-Pacific Partnership (TPP) trade agreements and the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP). On April 3, 2020, Mexico announced its willingness to implement the agreement and joined Canada. [15] The agreement came into force on July 1, 2020. [16] [17] [19] The agreement is the result of a renegotiation between member states of the North American Free Trade Agreement between 2017 and 2018, which formally approved the terms of the new agreement on 30 September 2018 and 1 October. [10] The USMCA was proposed by U.S. President Donald Trump and signed on November 30, 2018 by Trump, Mexican President Enrique Pea Nieto and Canadian Prime Minister Justin Trudeau as a secondary event of the 2018 G20 summit in Buenos Aires. A revised version was signed on December 10, 2019 and ratified by the three countries, with final ratification (Canada) taking place on March 13, 2020 just before the Canadian Parliament adjourned due to the COVID-19 pandemic. On June 1, 2020, USTR Robert Lighthizer`s office released the uniform rules, which are the final hurdle before the agreement is implemented on July 1, 2020. You can find the text of the agreement here: Seed, the United States.M.C.A. retains a more controversial addition by the Trump administration – a sunset clause that requires all three countries to verify they remain in the agreement after six years. If a country decides not to pursue the pact, the U.S.M.C.A. expires 16 years later.

The USMCA is expected to have a very small impact on the economy. [108] An International Monetary Fund (IMF) discussion paper published at the end of March 2019 stated that the agreement would have a „negligible“ impact on the general economy. [108] [113] The IMF study predicted that the USMCA „would have a negative impact on trade in the automotive, textile and clothing sectors, while achieving modest welfare gains, mainly due to improved access to the goods market, with a negligible impact on real GDP.“ [113] The IMF study concluded that the economic benefits of the USMCA would be greatly enhanced if Trump`s trade war ended (i.e., the United States lowering tariffs on steel and aluminum imports from Canada and Mexico and that Canada and Mexico lowering retaliatory duties on imports from the United States) [113] The agreement between the United States, Mexico and Canada (USMCA) is a trade agreement between these parties.

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