The USMCA trade agreement was reviewed by senior officials from Mexico, the United States and Canada, who established the priorities that should be taken into account for this first assessment of the current status of the agreement between these three countries.
The meeting in Toronto was attended by officials such as Cara Morrow, senior advisor to the U.S. Trade Representative (USTR); Rob Stewart, Minister of International Trade of Canada; and Alejandro Encinas, Undersecretary of Foreign Trade of the Ministry of Economy. The purpose was to discuss the points of view and future action plans for this recently started 2024.
Full readiness of the three countries with the trade agreement
The willingness of the United States, Mexico, and Canada regarding the USMCA trade agreement has been more than remarkable, offering statements as a whole such as the following:
“Today we share our views on priorities for 2024 with a view to the first six-year review of the USMCA in 2026.” This commercial agreement is subject to revisions that include certain plans that can be fulfilled in the long term.
For the governments participating in the modifications of this important treaty, the meeting held is simply essential to ensure the correct evolution and continuity of the economic mechanisms that facilitate the development of these countries in terms of foreign trade, especially in times when the logistics sector presents challenges, taking as an example not only the global economic situation, but also the economic situation. but by armed conflicts that have even affected maritime routes.
A business relationship that promises results
During the event held on this trade agreement, the officials talked in a pleasant way and expressed concern regarding how to find effective solutions together to the challenges that may arise during the course of this agreement. The strengthening of supply chains was also discussed, such as those that focus on areas of great importance to Mexico such as food, semiconductors, medical devices, pharmaceutical and electronic utensils.
“The continued implementation of the USMCA is essential for the continuity of North American economic integration and greater regional competitiveness,” the Ministry of Economy told the press, and later thanked the U.S. government for its participation both in the event held and also in other relevant issues such as the Rapid Response Labor Mechanism (RRLM). In relation to this mechanism, Encinas commented on the correct use of it, which should only be applied at times when the other national instances have been exhausted.
After the meeting between these three trade giants, it is clear that the USMCA trade agreement currently offers good expectations in terms of collaboration and innovations at the logistics level, elements that are more than indispensable in turbulent times, but just as beneficial for a sector that continues to grow like never before.
Sources:
Funcionarios de México, EU y Canadá fijan prioridades para la revisión del T-MEC. El Economista
México, EU y Canadá se preparan para primera revisión del T-MEC. Expansión
