The US-Mexico-Canada Agreement (USMCA) trade pact went into effect July 1, replacing 26-year-old NAFTA and bringing new regulations aimed at boosting North American economies. While the USMCA retains a structure similar to NAFTA, changes to rules of origin (ROO) requirements, de minimis levels, the sunset clause and more will have wide-ranging impact for shippers going forward.
USMCA will terminate 16 years after its entry into force unless all Parties agree to extend it by another 16 years. The decision will be made during a joint review conducted six years after its entry into force. If a Party determines that it does not want to extend USMCA during any joint review, the Parties will conduct annual joint reviews during the remainder of the USMCA’s term.
Labor Investigations, Intellectual Property Rights Protections, Investor-State Dispute Settlements, Digital Trade.
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