US, Canada and Mexico Kick Off Trade Pact Consultations

The United States, Canada, and Mexico have initiated consultations to prepare for the upcoming review of the USMCA (United States-Mexico-Canada Agreement) trade deal in 2023. The USMCA, which replaced the North American Free Trade Agreement (NAFTA), is a regional trade pact that governs economic and commercial relations among the three countries. The consultations, announced by the US and Mexico, aim to gather input from stakeholders, including businesses, labor groups, and civil society organizations, to inform the review process. The review is a routine procedure specified in the USMCA, which allows the parties to assess the agreement's performance and make necessary adjustments. The USMCA, which came into effect in 2020, has been a key component of the economic relationship between the US, Canada, and Mexico. The upcoming review presents an opportunity for the three countries to evaluate the agreement's impact and ensure it continues to meet the needs of their respective economies and citizens.