08.01. US Senate Profile Committee approves USMCA Trade Agreement
The United States Senate Committee on Finance has approved the U.S.-Mexico-Canada Trade Agreement Implementation Act (USMCA). The document was adopted by a majority vote (25 votes in favor / 3 against).
A further trade agreement process will include a vote in the US Senate and the final signature of President Donald Trump. Previously, the agreement was approved by the House of Representatives.
The revised agreement includes the rules for participants to access the domestic markets of the three countries, tariffs and some labor laws. The new standards are expected to enter into force in June 2020.
Recall that work on revising the provisions of the North American Free Trade Agreement began in 2017. The parties faced many contradictions and conflicts during the negotiations between the USA, Canada and Mexico.
