TRADE AGREEMENTS:

Surrey Board of Trade Says Signing of CUSMA Trade Agreement Will Bring Greater Economic Certainty

The Us-mexico-canada Agreement (USMCA) is set to replace the 1994 North American Free Trade Agreement (NAFTA).

“The Surrey Board of Trade is pleased to hear that the CUSMA Trade Agreement will move forward,” said Anita Huberman, CEO, Surrey Board of Trade. “We hope that this means continued benefits for Surrey’s business community, such as our manufacturing and agriculture industry sectors to remain free from tariffs and red tape, as well as economic confidence in doing business with the US and Mexico.”

“Now that this is done, finalizing a softwood lumber agreement needs to be a priority to help BC’S forestry sector – which also affects Surrey forestry and lumber businesses.”

Negotiators from the US, Mexico and Canada reached a deal to update the pact last year, but the agreement needed approval from legislatures in the three countries to move forward. While the agreement falls short of what North American business sought, it generally maintains tariff-free access for Canadian products, retains labour mobility provisions, strengthens intellectual property protections, and ensures Canada has access to the most crucial aspects of dispute settlement.

“However, much work remains to be done to educate our business community on the new CUSMA.”