On Jan. 16, 2020, the U.S. Senate overwhelmingly approved the United States-Mexico-Canada Agreement, a landmark trade bill that President Trump is expected to sign later this year.
Mexico ratified the deal in late 2019 and Canada is expected to approve their portion of the agreement in May.
USMCA will replace the North American Free Trade Agreement, or NAFTA, which was signed into law in 1994. NAFTA removed numerous trade barriers between the three nations.
The World Trade Center Arkansas has been actively involved in the ongoing modernization process on behalf of Arkansas companies.
Working with the U.S. Trade Representative and the Arkansas District Export Council, the Center utilized a survey to collect responses from 150 companies. The questions we asked allowed us to understand the needs of Arkansas businesses and what types of provisions in the revised trade agreement would be most helpful to them.
We then submitted this information to the Office of the U.S. Trade Representative (USTR) on behalf of these Arkansas companies. Melvin Torres, the Center’s director for Western Hemisphere trade, also spoke at public hearings on NAFTA in Washington, D.C.