Yesterday, the United States Trade Representative (USTR) announced that the U.S., Canada, and Mexico have finalized a trilateral trade agreement now known as USMCA, the United States-Mexico-Canada Agreement.
Illinois Corn Growers Association President Aron Carlson of Winnebago said, “The Illinois Corn Growers Association is delighted that the United States finalized a trade agreement with two of our top ten trading partners. The relationships the U.S. has with Canada and Mexico are so important to Illinois corn farmers who export more than half of their crop out of Illinois via corn and corn-coproducts. ICGA very much appreciates the work of the Trump administration and officials of Canada and Mexico for finalizing an agreement and maintaining such important relationships well into the future.”
The agreement represents a modernization of the North America Free Trade Agreement (NAFTA).
For the USMCA to take effect, it will need to be signed by the President, undergo the process stipulated by Trade Promotion Authority, and then be ratified by Congress. The agreement also must move within the Mexican and Canadian ratification process. The North American countries hope to sign the agreement by November 30.