The US Trade Representative has informed Congress that all three nations party to the USMCA have completed the necessary steps to enact the new agreement. The U.S. was the third and final country to complete the necessary changes to complete the pact.
The completion of the agreement caps a three-year process that at times threatened to upend the 25-year-old trilateral accord. The agreement will provide more than $2 billion in new agricultural trade for the U.S. adding to the $38 billion under the previous NAFTA agreement.
While some business groups are concerned about compliance with the agreement’s new provisions, especially during the COVID-19 crisis, agriculture needs as much certainty as possible to ensure access to our two largest trading partners at a time of dramatic market volatility.
The new deal is set to take effect on July 1st.
REFRESHER: CFB engaged on agriculture trade as soon as the Trump administration initiated the process to renegotiate NAFTA.
- CFB staff and members worked with media outlets to build public support for agricultural trade with America’s two largest trading partners.
- CFB President Shawcroft testified before the USTR about the need to complete the USMCA and CFB made its priorities for agricultural trade in a new agreement know in letters to Congress and the Trump Administration.
- CFB also worked to gather the support of the business community by holding roundtable meetings at the CFB Center and held conference calls with CFB members to take feedback and gather ideas.
- Farm Bureau worked with the Mexican and Canadian Consulates on a “NAFTA Burger Celebration” which fed legislators at the state Capitol and highlighted the integrated supply chain necessary to get a burger onto a dinner plate.