Toronto, October 3, 2018
The recently announced new trade agreement between Canada and the U.S. has a new name, United States-Mexico-Canada Agreement (USMCA), and some new provisions, but it is not a new deal. Both countries had "wins" and both made concessions.
Canada's Foreign Affairs Minister, Chrystia Freeland, and U.S. Trade Representative, Robert Lighthizer, praised the agreement, saying it will "strengthen the middle class and create good, well-paying jobs and new opportunities for the nearly half billion people" in North America.
Here are the highlights:
The new deal is expected to come into effect late-2019 or 2020. Importers should obtain valid NAFTA Certificates of Origin for 2019 to ensure there is no lapse in preferential trade status prior to the new deal taking effect.
Read the entire agreement.
For more information please call Brian Rowe, Director – Customs Compliance & Regulatory Affairs at (905) 882-4880, ext. 213.