WASHINGTON (Pakistan Point News / Sputnik - 25th April, 2020) The US Trade Representative's office said in a press release that Congress has been notified that the US-Mexico-Canada Agreement (USMCA) will go into force on July 1.
"US Trade Representative Robert Lighthizer today notified Congress that Canada and Mexico have taken measures necessary to comply with their commitments under the United States-Mexico-Canada Agreement (USMCA), and that the Agreement will enter into force on July 1, 2020," the release said on Friday.
The release said the new agreement contains improvements to rules of origin, agricultural market access, intellectual property, digital trade, financial services, labor, among others areas.
Lighthizer said in the release that the United States should increase manufacturing capacity and investment in North America, especially in light of the novel coronavirus pandemic.
The USMCA came into being as a result of US President Trump demanding to re-negotiate the North American Free Trade Agreement (NAFTA), a pact signed in 1993 that Trump repeatedly called a "disaster" for the United States.
Last month Canada ratified the agreement - the last of the three signatories to ratify the accord, which has already been approved by Mexico and the United States.
