In a statement, U.S. Trade Representative Robert Lighthizer said, he has notified Congress that the new U.S.-Mexico-Canada trade agreement will be effective from July 1 – a month later than initially planned.
Both Canada and Mexico have taken necessary measures to comply with their commitments under the U.S.-Mexico-Canada Agreement (USMCA), said Lighthizer in a statement.
A few industries, including automotive, had argued for a delay in implementation following difficulties faced from the coronavirus pandemic.
Mexico had asked the United States and Canada for a longer transition period for the auto industry, in order to certify that it was meeting the more stringent rules in the USMCA treaty.
Lighthizer said his office would work to ensure a smooth implementation of the new trade rules.
“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,” said Lighthizer in a statement. “The USMCA’s entry into force is a landmark achievement in that effort.
Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Regulations & Legal, Strategy
Leave a comment