New North American Trade Deal Reached

 

On September 30, the United States, Mexico and Canada struck a revised trade deal, the United States-Mexico-Canada Agreement (USMCA), to replace its previous trade deal, the North American Free Trade Agreement (NAFTA). According to the United States Trade Representative (USTR), improvements to the previous agreement include:

 

  • Protections for United States Innovators and Creators
  • Most Comprehensive Enforcement Provisions of Any Trade Agreement
  • Strongest Standards of Protection for Trade Secrets of Any Prior FTA
  • Strongest disciplines on digital trade of any international agreement
  • Increased De Minimis Shipment Value Level
  • Commitments to liberalize financial services markets and facilitate a level playing field for U.S. financial institutions, investors and investments in financial institutions, and cross-border trade in financial services
  • First Provision Against Local Data Storage Requirements
  • Supporting Financial Services
  • High-Standard Policy and Transparency Commitments, with Robust Accountability Mechanisms
  • Worker Representation in Collective Bargaining
  • Labor Rights Recognized by the International Labor Organization
  • New Labor Value Content Rule
  • Most Comprehensive Set of Enforceable Environmental Obligations

 

For a complete rundown on the agreement, please see here

 

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