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The 'New NAFTA' and How It Will Affect Intellectual Property Law
First it was Mexico that agreed to a new trade accord with the United States. Less than one week later, Canada joined the agreement as well. With that, the stage is set for the 24-year-old North American Free Trade Agreement (NAFTA) to end and the U.S. Mexico Canada Agreement (USMCA) to take its place. Once the USMCA is submitted to Congress, a 60-day review period will begin before it can be signed by the president.
Canada's agreement to the USMCA should come as no surprise, as the Office of U.S. Trade Representative reports that, in 2017, goods imported into the United States from Canada totaled $299.3 billion. With such a high reliance on the U.S. market, Canada was under tremendous pressure to “strike a deal.”
Changes to NAFTA
While a large number of NAFTA provisions remain, the USMCA includes several substantial changes. By 2023, 75% of a car will need to be manufactured in North America in order to cross its borders tax free. Also by that year, 40% of car manufacturing labor will need to be paid at least $16 per hour. Canada's dairy industry has been slightly opened, with U.S. farmers now having the ability to reach 3.6% of that tightly protected market. The USMCA terminates after 16 years, but every six years the signatories can agree to a 16-year extension.
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