“Historic” USMCA Agreement Signed
On December 10, the U.S., Mexican, and Canadian governments signed an updated United States-Mexico-Canada Agreement (“USMCA”) in Mexico City. The new agreement comes on the heels of months of additional negotiations between the three governments after an original deal was reached last year. The terms of the new deal respond to criticism that the agreement needed stronger labor provisions to protect workers’ rights, better enforceability to ensure the parties live up to the commitments, improved monitoring mechanisms, stronger environmental provisions, and clarification on prescription drugs provisions. With the revisions in these areas included in the updated USMCA, Democrats have expressed support for the agreement. Indications are that it will be put up for a vote in Congress in the near future. USMCA will replace the North American Free Trade Agreement (“NAFTA”) that was implemented by the three governments in 1994. Check back here for updates on USMCA, including an analysis of the revised USMCA once the text is released.