In a grand concession to the Democrats, the Trump administration agreed to postpone some protective measures for an advanced and very expensive class of drugs called biologics. The final agreement cancels a provision that had offered drugs 10 years of protection against cheaper alternatives in Canada and Mexico. From now on? Hopes for Canada`s next trade agreement The United States, Mexico and Canada have reached an agreement on a modernized, high-quality intellectual property (IP) chapter, which provides strong and effective protection and enforcement of IP rights, which are essential to spur innovation, create economic growth, and support U.S. jobs. The text of the agreement was adopted on 30 Signed by the Heads of State or Government of the three countries as a side event at the 2018 G20 Summit in Buenos Aires, Argentina, on 27 November 2018. [34] The English, Spanish and French versions will be equally authentic and the agreement will enter into force after ratification by the three states through the adoption of enabling legislation. [35] For the first time, a trade agreement requires that the new agreement – signed in November 2018 – be referred to by Canadian officials as a Canada-United States-Mexico free trade agreement or as the CUSMA, while US President Donald Trump calls it the agreement between the United States, Mexico and Canada or the USMCA. The renegotiated agreement contains a chapter on macroeconomic policies and exchange rate issues, with new political and transparency commitments in monetary matters. The chapter will address unfair monetary practices by requiring high obligations in the absence of competitive devaluations and exchange rates, while significantly enhancing transparency and putting in place accountability mechanisms. This approach is unprecedented in the context of a trade agreement and will contribute to strengthening macroeconomic and exchange rate stability. The Trump administration and other supporters have welcomed the revised pact as an urgent change to previous trade rules, including increased incentives for product production in North America, new guidelines for digital trade, and better labor protection for Mexican workers.

And the official launch of the new deal lifts much of the uncertainty Trump creates for business by repeatedly threatening to walk away from the deal altogether. The U.S. Trump Administration Office proposed the USMCA, citing new digital trade measures, stronger trade secret protections and adjustments to rules of origin for motor vehicles as some of the benefits of the trade deal. [112] We should copy processes from other countries….