Prime Min­is­ter of Canada wel­comes new United States-mex­ico-canada Agree­ment

Asian Journal - - NATION -

Ottawa: The Prime Min­is­ter, Justin Trudeau, wel­comed an agree­ment-in-prin­ci­ple be­tween Canada, the United States, and Mex­ico on a mod­ern­ized trade agree­ment – the United States-mex­ico-canada Agree­ment (USMCA) – that will cre­ate good, well pay­ing, mid­dle class jobs, strengthen eco­nomic ties, and ex­pand Canada’s trade in North Amer­ica. Fol­low­ing more than a year of ne­go­ti­a­tions, the three coun­tries have reached un­der­stand­ings in key ar­eas, in­clud­ing rules of ori­gin for au­to­mo­tive man­u­fac­tur­ing, agri­cul­ture, labour, in­tel­lec­tual prop­erty rights, cul­ture, and dis­pute set­tle­ment. Fur­ther, Canada has en­sured that any US Sec­tion 232 tar­iffs will not im­pact Cana­dian auto and auto parts ex­ports. Canada has suc­cess­fully pre­served key el­e­ments of the orig­i­nal NAFTA, while build­ing on the agree­ment to ex­pand op­por­tu­nity and im­prove pro­tec­tions for work­ers across North Amer­ica. The re­sult­ing agree­ment of­fers cru­cial pre­dictabil­ity and sta­bil­ity for Cana­dian busi­nesses, in­vestors, traders, work­ers, and in­no­va­tors. Through­out the ne­go­ti­a­tions, Canada’s ap­proach has been con­struc­tive. Ne­go­ti­at­ing ob­jec­tives re­mained clear: de­fend Cana­di­ans’ in­ter­ests, up­hold Cana­dian val­ues, and fight for Cana­dian jobs and liv­ing stan­dards within an agree­ment that is mu­tu­ally ben­e­fi­cial for all three coun­tries. When im­ple­mented, the USMCA will help Cana­di­ans com­pete glob­ally and pros­per in a healthy, in­te­grated North Amer­i­can econ­omy. The Gov­ern­ment of Canada will con­tinue to en­gage with North Amer­i­can part­ners to fi­nal­ize the de­tails of an agree­ment that ben­e­fits all Cana­di­ans.

“The agree­ment-in-prin­ci­ple we reached to­day is good for Canada, good for Cana­dian busi­nesses, and most im­por­tantly, good for Cana­dian work­ers and their fam­i­lies. When this im­proved agree­ment is im­ple­mented, North Amer­i­can trade will be pre­served and mod­ern­ized for the 21st cen­tury – just as we set out to do,” said Justin Trudeau, Prime Min­is­ter of Canada.

Quick Facts

• North Amer­ica is home to more than 486 mil­lion peo­ple.

• When the North Amer­i­can Free Trade Agree­ment came into ef­fect on Jan­uary 1, 1994, it cre­ated the largest free trade re­gion in the world at that time, gen­er­at­ing eco­nomic growth and help­ing to raise the stan­dard of liv­ing for the peo­ple of all three mem­ber coun­tries.

• The United States and Mex­ico are, re­spec­tively, Canada’s first- and third-largest mer­chan­dise trad­ing part­ners in the world. Canada is re­spec­tively the sec­on­dand fifth-largest mer­chan­dise trad­ing part­ner of the United States and Mex­ico, and the largest ex­port mar­ket for the United States.

• In 2017, tri­lat­eral trade reached nearly USD $1.1 tril­lion – more than a three-fold in­crease since 1993.

• To reach this re­newed tri­lat­eral trade un­der­stand­ing, the Prime Min­is­ter, Min­is­ters, Par­lia­men­tar­i­ans, fed­eral of­fi­cials, Pre­miers, and in­dus­try rep­re­sen­ta­tives di­rectly en­gaged po­lit­i­cal and busi­ness lead­ers in the United States to ad­vo­cate on be­half of Cana­di­ans. • Since Jan­uary 2016, “Team Canada” vis­ited the United States more than 300 times, and made more than 500 in­di­vid­ual con­tacts with Amer­i­can of­fi­cials, in­clud­ing the Pres­i­dent, the Vice-pres­i­dent, 16 United States Cab­i­net mem­bers, more than 310 mem­bers of Congress, and 60 gov­er­nors and lieu­tenant gov­er­nors.

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