Canada’s Minister of International Trade meets with the United States Trade representative and Mexico’s Secretary of Economy.
Minister of International Trade, Export Promotion, Small Business, and Economic Development Mary Ng invites Ambassador Katherine Tai, United States Trade Representative, and Tatiana Clouthier Carrillo, Mexico’s Secretary of Economy, to celebrate the second anniversary of The Canada-United States-Mexico Agreement (C.U.S.M.A.). Ambassador Tai and Secretary Clouthier will be in Vancouver, Canada, from July 7 to 8, 2022, to attend the Free Trade Commission Meeting, where they will participate in important trilateral discussions.
In 1994, The North American Free Trade Agreement (NAFTA) got enacted, creating a solid foundation for Canada’s trade prosperity. On July 1, 2020, C.U.S.M.A. replaced NAFTA as the region’s trade treaty. “C.U.S.M.A. relieves tariffs on goods, thus lowering trade barriers and cutting costs for North American importers and exporters”. (BDO, 2021)
Between 1993 and 2021, total merchandise trade between Canada and the United States tripled and total merchandise trade between Canada and Mexico grew more than 8-fold. More details about C.U.S.M.A. trade statistics can be found on this page.
The C.U.S.M.A. is the world’s largest free-trade region that generates economic growth and helps increase living standards for residents in Canada, the United States, and Mexico. The C.U.S.M.A. preserves key elements of the trading relationship between countries while incorporating new and updated provisions that address the current trade issues. They also create opportunities for the many people that call North America their home.
Unless the agreement gets extended, C.U.S.M.A. will expire in 2036. All three parties have agreed to review the treaty every six years to ensure the agreement stays relevant in the evolving trade environment. C.U.S.M.A. is one of many trade agreements Canada has signed, diversifying the opportunities for Canadian companies. C.U.S.M.A. supports the development of the North American market by providing a predictable and secure commercial environment.
A trilateral joint media event will be held to recognize the collaboration and success of the C.U.S.M.A. on its second anniversary.