New Trade Agreement

A new trade pact between Canada, the United States and Mexico, worth more than $1.5 trillion, went into effect Wednesday. Pursuant to Section 103(b)(2) of the USMCA Act, the date of the recommended provisional rules is set no later than when the USMCA comes into force and the uniform rules of origin are implemented. [31] USMCA regulations help interpret the various chapters of the USMCA, primarily chapters 4-7. These rules were published one month before the entry into force of the trade agreement and were replaced by NAFTA on 1 July 2020 [32]. Under the new agreement, the three countries will review the terms of the pact in the first six years, although the agreement is valid for 16 years. The project will submit USMCA enforcement legislation to Congress after 30 days, or after June 29. In a letter [73] sent to Nancy Pelosi, spokeswoman for the House of Representatives, and Kevin McCarthy, the minority leader of the House of Representatives, the Republicans, Lighthizer said that the USMCA is the gold standard in U.S. trade policy, modernizes competitive digital commerce, intellectual property, and U.S. services, and creates a level playing field for U.S. companies, workers and farmers. an agreement that constitutes a fundamental reorientation of trade relations between Mexico and Canada. . .

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