This is the “largest, fairest, most balanced, and most modern trade deal ever launched,” Trump said during the signing.
According to estimates, the new contract should be 1.2 percent at US gross domestic product contribute and create “countless” new jobs in the United States. According to Trump, the agreement will reduce barriers to the transfer of goods and services, as well as investments.
USMCA negotiated in Buenos Aires
The agreement was negotiated by the leading representatives of the three countries in November 2018 during a G20 summit in Buenos Aires. The document replaces the North American Free Trade Agreement (NAFTA), which was concluded in 1994 and has long been outdated. Trump called NAFTA a “nightmare” and a “disaster”.
The U.S. President already had one in 2017 Revision of the NAFTA agreement announced. There were several trade conflicts between the three countries. Trump even threatened to impose tariffs on goods from Canada and Mexico.
New regulations in retail
The new agreement provides, among other things, new regulations for the automotive industry, grants US farmers better access to markets in neighboring countries and includes regulations for the Protection of intellectual property and trading in the digital sector.
The treaty has yet to be ratified by the Canadian parliament before it enters into force.
am / ORF.at / mt