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Fourth Meeting of the USMCA (Agreement) Free Trade Commission
May 22nd, 2024 marked the fourth meeting of the USMCA (Agreement) Free Trade Commission. The assembly was held in Phoenix, Arizona. In attendance were United States Trade Representative Katherine Tai, Canadian International Trade and Economic Development Minister Mary Ng, and Mexico Secretary of Economy Raquel Buenrastro. This meeting was held in anticipation of the mandatory six-year review which will take place in 2026.
Together, the ministers reviewed the state of the USMCA Agreement and discussed ways in which it could be fully implemented before 2026. Emphasis was placed on the integration of small and medium-sized enterprises (SMEs) into North American commerce, the fostering of a more inclusive trade environment and the strengthening of the cooperation between Parties on prohibiting the import of goods with forced labor.
The three ministers also discussed FTC Decision Number 5 and signed an addendum to it. FTC Decision Number 5 regards the trilateral coordination of efforts across North America to maintain and protect trade flows during emergency situations. The addendum included “procedures for how the three Parties will respond to specific emergency situations that impact the flow of trade, including procedures for convening the extraordinary sessions of the Sub-Committee on Emergency Response.” (www.international.gc.ca)
The United States-Mexico-Canada Agreement will expire in 2036. 2026 will mark the six-year mandatory review period as outlined in CUSMA Article 34.7: Review and Term Extension. This six-year review allows the involved Parties to present their recommendations for action and to review the operation of the Agreement. It is during this meeting that the heads of government will decide whether they wish to extend the Agreement for another 16 years. The time span of sixteen years was selected in the hopes that it would provide enough time for investors, retailers, and other people to plan their trade activities with certainty.
No matter what happens in 2026, the ministers made it clear that their current objective is continued engagement with the goal of improving the wellbeing of North American citizens, especially those who have, until now, been left behind by trade. If you would like more information on the USMCA or other trade agreements, please contact Allyn International at sales@allynintl.com or 239-489-9900.
Contributor: Bronwyn Hayes
About Allyn International
Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North America, Europe and Asia and Allyn regional headquarters are strategically located in Fort Myers FL USA, Shanghai P.R. CHINA and Prague, CZECH REPUBLIC. For more information, go to www.allynintl.com
Sources:
Fourth meeting of the CUSMA Free Trade Commission (international.gc.ca)
The Monitor | The 2026 CUSMA review: prepare for the worst, plan for… (monitormag.ca)