CPTPP, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, is a free trade agreement between Canada and ten other member states. There have been some substantive developments since we posted our previous blog on the CPTPP last April and the implementation date is just around the corner.
After more than a year of intense meetings and negotiations, Canada, the U.S. and Mexico have tentatively settled on a trade deal to replace NAFTA. In the final round of meetings that concluded at the end of September, the United States-Mexico-Canada Agreement (USMCA) was unveiled, sporting changes in the following key areas.
NAFTA is again in the news as the three parties – Canada, Mexico and the U.S. – have wrapped up a series of meetings and a new agreement could finally be in sight. But only maybe.
Background information on this important agreement and some of the earlier developments in its renegotiation can be found in our last NAFTA update blog. Read on below for the latest.
Canada, the U.S. and Mexico – neighbours who trade more than $1 trillion per year among them – have been negotiating since August to rework the North American Free Trade Agreement.
Canada, the U.S. and Mexico, neighbours who trade more than $1 trillion annually, have been negotiating since August to rework this 24-year-old trade deal between them.
But NAFTA talks are moving slowly as Canada and Mexico seek to address a series of radical U.S. demands for change.
We all know about NAFTA… It’s undergoing its own renegotiation at this very moment, and the trade community needs to continue to keep an eye on what’s happening with NAFTA.
The matter of trade was front and centre in Trump’s 2016 presidential campaign. Since gaining office, he has repeatedly threatened to terminate NAFTA if Canada and Mexico don’t go along with the major changes he’s after – changes that, naturally, favour the U.S. and align with his protectionist ideals.
The automotive industry in North America is one of the success stories of the North American Free Trade Agreement (NAFTA). The elimination of duties and easing of cross-border trade that NAFTA wrought has increased efficiencies in the automotive sector, leading to lower costs and ease of commerce across a well-integrated, North America-wide supply chain.
NAFTA – the North American Free Trade Agreement – came into effect on January 1, 1994, building upon the Canada-U.S. free-trade deal of 1988 and creating the largest free-trade area in the world.