Past Events

Date Events
Opportunities and Impact of USMCA Trade Deal

The United States-Mexico-Canada Agreement (USMCA), which updated the 25-year-old NAFTA among the three largest countries of North America, retains most of NAFTA's commitment to lowering trade barriers, but adds some new rules such as those relating to the agriculture, automotive, energy, digital trade, and new policies on labour and environmental standards. Joshua Meltzer, Senior Fellow in the Global Economy and Development Program at the Brookings Institution, said the USMCA could create millions of jobs in each country and help advance a more competitive, inclusive and sustainable North America economy.

Speaking at an Americas Committee webinar on 22 February hosted by its Chairman Evaristo Trevino Berlanga, Meltzer added that the U.S.’s proposals to create new electric vehicle tax credits for American-built vehicles and the proposed Mexico’s energy reform mulled challenges to the USMCA trade deal. Antonio Ortiz Mena, Senior Vice President, Albright Stonebridge Group, pointed out the USMCA addressed some environmental issues but there was no carbon emissions clause to address the climate crises. In terms of the opportunities under the USMCA, he said there was huge potential for growth in digital trade and ecommerce in the North American region and suggested companies explore how they can tap into this fast-growing sector.

2022/02/22
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