Economics Trade Agreements Questions
The United States-Mexico-Canada Agreement (USMCA) is a trade agreement that replaced the North American Free Trade Agreement (NAFTA) and was signed into effect on July 1, 2020. It governs trade and investment between the United States, Mexico, and Canada, aiming to modernize and update the rules and regulations of trade among the three countries. The USMCA includes provisions related to various sectors such as agriculture, automotive, intellectual property, labor, and environmental standards. It also includes new chapters on digital trade and small and medium-sized enterprises (SMEs). The agreement seeks to promote fair and reciprocal trade, enhance market access, and provide a framework for resolving trade disputes among the member countries.