*USMCA/CUSMA replaced NAFTA on July 1st, 2020. Read More...
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.
Since our last update, two rounds of NAFTA negotiations have taken place – the first in Mexico City in February and the latest in Washington DC in April.
U.S. Trade Representative Robert Lighthizer said following the Washington meeting that he wants to reach a deal in the coming weeks in order that any changes would be finalized before the U.S. midterm elections in the fall.
So far, the outcome is still uncertain, so it’s best to be prepared.
Are you prepared for a post-NAFTA world?
There remains a distinct possibility that, when all is said and done, the NAFTA we signed onto 24 years ago will no longer exist – or will look substantially different.
Are you ready for this possibility? According to recent online polling, many businesses are not. But if trade with the U.S. becomes more difficult or more costly, businesses will need to be prepared to source from non-U.S. markets.
Is your supplier list sufficiently diversified to weather a major change to our trading relationship with the U.S.? If you want some advice on being prepared for a post-NAFTA world, or want to discuss with a professional how to best diversify your supplier list, talk to someone in the know.
Cole’s trade professionals are ready to answer your questions.
Other related blog topics:
- So, there's NAFTA... But what other free trade agreements are out there?
- Your NAFTA Certificate of Origin: Taking a closer look
Information provided by: NAFTA & Free Trade Dept. - Cole International