The Ministry of Economy reported that on May 17 and 18 the First Meeting of the Free Trade Commission of the Agreement between Mexico, the United States and Canada (USMCA) will be held.
In general, the Ministry of Economy considers the USMCA as a fundamental element for the Mexican economy, as it is an engine for its economic growth in Mexico.
The strength of the region is evident in the benefits obtained during more than 20 years of economic and commercial integration.
For this reason, the Ministry of Economy considers that the importance of the USMCA should be highlighted and emphasized, especially for sectors such as agriculture and automotive.
Ambassador Katherine Tai, Trade Representative of the United States, will serve as the host of the virtual meeting, in which Mary Ng, Minister of Small Businesses, Export Promotion and International Trade of Canada, and the head of the Ministry of the Economy of Canada will also participate. Government of Mexico, Tatiana Clouthier.
Ministry of Economy
The USMCA, made up of 34 chapters and 12 supplementary letters, retains most of the NAFTA market-opening measures and other measures, while making notable changes to the rules of origin for automobiles, settlement provisions for controversies, public procurement, investment and the protection of intellectual property rights.
It also modernizes the provisions on services, labor and the environment.
In addition, the USMCA addresses new business issues, such as digital trade, state-owned companies, the fight against corruption and monetary misalignment.
“The USMCA consolidated the decision of the three countries to strengthen economic integration in North America, in favor of the complementarity of their economies, which sustains and guarantees the competitiveness of the region,” said the Ministry of Economy on Friday. it’s a statement.
On April 24, 2020, the United States Trade Representative, Ambassador Lighthizer, notified the US Congress that Canada and Mexico had taken the necessary steps to fulfill their USMCA commitments and that the agreement would take effect on July 1. of 2020, which in the end happened.
“The Free Trade Commission is the first step in harnessing the Agreement’s full potential and building an inclusive trade policy for North America that fosters broad-based and equitable growth, drives innovation, protects our shared environment, and helps people from all walks of life,” the USTR said in another statement on Friday.