North America Free Trade Agreement
Unverified rumours circulated in early 2018 that Canada was willing to abandon NAFTA’s provisions entitling foreign investors to sue for damages under what is called investor-state dispute settlement, or ISDS.
Investor-state dispute settlement was tempered in the USMCA, but the government needs to justify why it persists asking for it in other agreements.
The proposed new NAFTA, dubbed the US-Mexico-Canada Agreement (USMCA), would expedite exports and imports of food and agricultural products, purportedly based on “scientific principles” and “science-based decision making.”
US Treasury Secretary Steven Mnuchin says that Washington wants to include a provision to deter currency manipulation in future trade deals, including with Japan, based on the currency chapter in the new deal to revamp NAFTA.
Is USMCA “brand new”? Or is it simply Reagan/Bush/Clinton’s NAFTA with a heavy dose of President Obama’s TPP thrown in the mix, just a rose by another name?
Experts are fuming, saying USMCA will hamper Canada’s innovation economy and hike costs to the health care system over patented drugs.
The oil business persuaded the White House to keep a number of features of the old NAFTA, including provisions that help protect US oil companies’ investments abroad and allow for tax-free transport of raw and refined products across borders.
The digital trade chapter restricts data localization policies and bans restrictions on data transfers across borders.
China’s hopes of negotiating a free trade pact with Canada or Mexico were dealt a sharp setback by a provision deep in the new U.S.-Mexico-Canada trade agreement that aims to forbid such deals with “non-market” countries.
The reworked agreement between the United States, Mexico and Canada neglects the demands of farm groups.
Leaders of Mexico’s farm movement strongly condemned the new NAFTA, calling on the new president they supported in recent elections to get involved and slow the race to the new agreement.
The damages provisions in the new trade agreement are dangerous, and create a norm that is in conflict with national laws.
More outsourcing of pollution and jobs, handouts to corporate polluters, and climate denial
Canada and the U.S. have announced a tentative new trilateral trade deal with Mexico that includes some key concessions on issues of import to both countries — and also a reworked name: the United States-Mexico-Canada Agreement (USMCA).
The Mexican president-elect agreed to the US president’s request for a bilateral agreement while Canadian officials believe Mexico gave up too much in the deal.
Mexico is prepared to advance a bilateral trade agreement with the United States that Canada could join within the next few weeks, a top Mexican NAFTA negotiator said.
Canada and the United States showed scant sign of closing a deal to revamp NAFTA, and Canadian officials made clear Washington needed to withdraw a threat of possible autos tariffs
The United States has backed away from its contentious demands for lucrative procurement projects in the renegotiation of the North American free-trade agreement.
Leaders of three of the nation’s most powerful business groups detailed six priorities they say need to be fulfilled to earn their support for an update of the North American Free Trade Agreement (NAFTA) to get through Congress.
Instead of NAFTA, we need a trade policy that is multi-lateral and mutually-beneficial with countries around the world.