Nafta new name

You're referring to the rebranding of the North American Free Trade Agreement (NAFTA)!

In 2018, the United States, Mexico, and Canada signed the United States-Mexico-Canada Agreement (USMCA), which replaced NAFTA. The new agreement aims to modernize and strengthen the trade relationship between the three countries.

Here are some key changes and updates:

  1. New name: The agreement is now officially known as the United States-Mexico-Canada Agreement (USMCA).
  2. Renegotiated terms: The USMCA updates and expands the original NAFTA agreement, addressing issues like digital trade, intellectual property, and labor standards.
  3. Changes to automotive sector: The USMCA introduces new rules of origin for the automotive sector, requiring 75% of a vehicle's content to be produced in North America to qualify for duty-free treatment.
  4. Increased access to Canadian dairy market: The USMCA grants U.S. dairy farmers greater access to the Canadian market, while also providing Canada with increased access to the U.S. market.
  5. New dispute settlement mechanism: The USMCA introduces a new dispute settlement mechanism, which allows countries to resolve disputes through arbitration rather than litigation.

Overall, the USMCA aims to promote economic growth, create jobs, and increase trade between the United States, Mexico, and Canada.