As of July 1, the new Free Trade Agreement between the United States, Mexico, and Canada known as USMCA (Canada–United States–Mexico Agreement (CUSMA) in Canada, and Tratado entre México, Estados Unidos y Canadá (T-MEC) in Mexico)) is officially in effect. This new agreement replaces the NAFTA and is said to be the model for future trade agreements, and also ushers in many updated provisions and changes to modernize the previous FTA.
Along with a name change, USMCA introduces significant updates to many key areas set to benefit smaller to mid-size companies across the three interconnected nations. In particular, both the dairy and chemical industries will reap benefits from the new agreement.
In the latest episode of Talking Trade, Michael Ford takes an in-depth look at the overall changes of USMCA vs. NAFTA, how Customs and Border Patrol will enforce the new regulations, why this FTA could be the model for other future trade agreements, and what companies across various industry sectors should be doing now in the present to ensure future compliance with USMCA. We'll also discuss the major changes to the Certificate of Origin and the shift from exporter to importer responsibility.
Tune in to the full episode below: