USMCA set to take effect July 1

The U.S.-Mexico-Canada trade agreement is set to go into effect July 1, after the United States finalized procedures to implement the deal.

U.S. Trade Representative Robert Lighthizer notified Congress on April 24 that Canada and Mexico had taken measures necessary to comply with their commitments. That led the United States to complete its own procedures.

This development “marks the beginning of a historic new chapter for North American trade by supporting more balanced, reciprocal trade, leading to freer markets, fairer trade, and robust economic growth in North America,” the trade representative’s office said in its announcement. “The Agreement contains significant improvements and modernized approaches to rules of origin, agricultural market access, intellectual property, digital trade, financial services, labor, and numerous other sectors.”

“The crisis and recovery from the COVID-19 pandemic demonstrates that now, more than ever, the United States should strive to increase manufacturing capacity and investment in North America,” Lighthizer said.