On November 30, 2018, the USMCA was signed as planned by the three parties at the G20 summit in Buenos Aires.   Disputes over labour rights, steel and aluminum prevented ratification of this version of the agreement.   Canadian Deputy Prime Minister Chrystia Freeland, U.S. Trade Representative Robert Lightizer, and Mexican Under-Secretary of State for North America Jesus Seade officially signed a revised agreement on December 10, 2019, ratified by the three countries on March 13, 2020. The agreement between the United States – Mexico- Canada (USMCA in the United States, “CUSMA” in Canada and “T-MEC” in Mexico) came into force on July 1, 2020. The trade agreement between the three countries replaces the North American Free Trade Agreement (NAFTA). The United States, Mexico and Canada have reached an agreement for the good of U.S. farmers, ranchers and agricultural companies. While agriculture has generally developed well under NAFTA, significant improvements to the agreement will allow food and agriculture to trade more equitably and increase exports of U.S.
agricultural products. In addition to the original NAFTA provisions, the USMCA borrows significant credits under the Trans-Pacific Partnership (TPP) trade agreements and the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP). On April 3, 2020, Mexico announced its willingness to implement the agreement and joined Canada.  The agreement came into force on July 1, 2020.     In the chapter “Health and Plant Health Measures” (SPS), the United States, Mexico and Canada agreed to strengthen disciplines for evidence-based SPS measures, while ensuring that the parties respect their sovereign right to the protection of life, animals, plants and health. The provisions provide for greater transparency in the development and implementation of SPS measures; Promoting scientific decision-making Improve certification, regionalization and equivalency processes Conducting system-based audits Improving the transparency of import controls; cooperation actions to improve the compatibility of the measures. The new agreement would establish a new mechanism for technical consultation between the parties to resolve the issues. On June 19, 2019, the Mexican Senate ratified the agreement (114 yes, 3 no, 3 abstentions).  Mexico`s ratification process will be completed when the President announces its ratification to the Federal Register. A new addition to the USMCA is the inclusion of Chapter 33, which covers macroeconomic policies and exchange rate issues. This is considered important because it could set a precedent for future trade agreements.
 Chapter 33 sets out requirements for currency and macroeconomic transparency that, in the event of a breach, would be grounds for litigation under Chapter 20.  The United States, Canada and Mexico currently meet all of these transparency requirements in addition to substantive policy requirements that comply with the international Monetary Fund`s articles.  On December 10, 2019, the three countries reached a revised USMCA agreement. On January 29, 2020, Deputy Prime Minister and Minister of Intergovernmental Affairs Chrystia Freeland introduced the USMCA C-4 Transposition Act in the House of Commons and passed the first reading without a registered vote.