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Businesses back NAFTA 2.0, but ratification no slam dunk

Jaclyn Jaeger | March 4, 2019

As the United States-Mexico-Canada Agreement awaits ratification from each of the three countries’ legislatures, many companies and trade associations are intensifying their efforts to see it pass. 

Referred to by some as NAFTA 2.0—the 21st century version of the now-antiquated North American Free Trade Agreement—the new United States-Mexico-Canada Agreement (USMCA) was signed by leaders of the three countries on Nov. 30, 2018. The USMCA portends big changes in the global trade compliance space on such issues as rules of origin, labor standards, certificate of origin documentation, de minimis thresholds, and much more.

Despite the new trade compliance obligations the USMCA would impose, many companies welcome its passage. On Feb. 26, more than 200 U.S. trade associations, chambers of commerce, and companies representing a wide variety of industries—including agriculture, manufacturing, technology, pharmaceuticals, and financial services—announced the launch...

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