Usmca Agreement Benefits
Under the leadership of President Donald J. Trump, the United States renegotiated the North American Free Trade Agreement and replaced it with an updated and balanced agreement that works much better for North America, the U.S.-Mexico-Canada Agreement (USMCA), which came into effect on July 1, 2020. The USMCA is a mutually beneficial benefit to workers, farmers, farmers and businesses in North America. The agreement creates more balanced and reciprocal trade that supports high-paying jobs for Americans and cultivates the North American economy. As noted above, the agreement exempts digital products from tariffs and other discriminatory measures. The agreement between the United States, Mexico and Canada (USMCA) came into force on July 1, 2020. This agreement replaces the old North American Free Trade Agreement (NAFTA), which had been in force since 1994. The USMCA offers several intellectual property protection measures to reduce counterfeiting and piracy. As part of the agreement; Violations of patents, trademarks, copyrights and certificates of origin – including digital formats – are subject to criminal penalties. Under its previous agreement, NAFTA, many land products exported from the United States to Canada have suffered from an unfair pricing system, poor market access and safeguards. The USMCA offers new market access for all U.S. agricultural products, a fair and non-discriminatory price action plan, and improved product classification standards in the future.
As Tom Donohue, President and CEO of the U.S. Chamber of Commerce, said, “This new agreement preserves and strengthens the benefits of these trade relationships and brings our trade relations into the 21st century.” The USMCA contains key provisions on e-commerce and digital commerce, both of which contribute to the promotion of intermodal rail transportation, one of the most important parts of rail activity. NAFTA has boosted Mexican agricultural exports to the United States, which have tripled since the pact was implemented. Hundreds of thousands of jobs in the automotive industry have also been created in the country and most studies [PDF] have found that the agreement has increased productivity and reduced consumer prices in Mexico.