USMCA and NAFTA: Understanding the Differences
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Learn key provisions of the new agreement and how they will impact North American trade and your bottom line.Since the implementation of the North American Free Trade Act (NAFTA) in 1994, trade between the U.S., Canada, and Mexico has more than tripled, and the North American economy and supply chain networks have become even more integrated. With the adoption of the U.S.-Mexico-Canada Agreement (USMCA), which updates NAFTA in key ways, and with reconsideration of far-flung global supply chain networks in the wake of COVID-19 and national security concerns about dependence on China, we are entering a new era of North American economic integration. This topic will provide background on the USMCA and provide a practical summary of the key provisions of the new agreement, and how they will impact North American trade and your bottom line. The material will also discuss the phased implementation of the USMCA by the United States, Canada, and Mexico, enforcement mechanisms, and highlight key issues and potential pitfalls going forward. In short, this information is critical for anyone involved in the new, post-USMCA era of cross-border North American trade.
AuthorsSeth Stodder, Atlantic Council
NAFTA and USMCA: Background and History
• Background - NAFTA and the Economic Integration of North American Supply Networks, Deepening After 9/11
• Trump and the Road to USMCA
• The USMCA and North American Trade in a Global Context - Regional Trading Blocs in an Era of Rising Protectionism, U.S.-China Tensions and Post-COVID-19 Reconsideration of Attenuated Supply Chains
USMCA - Nuts and Bolts. What's in It? What's Different From NAFTA?
• Big Picture - Key Differences Between NAFTA and USMCA
• Rules of Origin Procedures and Standards; De Minimis Changes
• USMCA Labor Rights Provisions
• Intellectual Property Protections
• Digital Trade and E-Commerce
• Small and Medium Sized Enterprises (SMEs)
• Specific Industry Areas of Note:
- Agriculture and Dairy
• Dispute Resolution and Enforcement
• Implementation by the U.S.
• Implementation by Mexico
• Implementation by Canada
Real-World Impacts of USMCA and Practical Tips
• Are the U.S., Mexico, and Canada Living up to Their Promises?
• Biden Reviews of U.S. Supply Chains and Dependence on China Post-COVID-19 - Will USMCA Pave Way for Expansion of North American Sourcing and Supply Chains?
• Practical Tips for Importers and Exporters