Will the USMCA Change Mexico for the Better?
The new United States-Mexico-Canada Agreement may well succeed in marginally improving America’s position regarding jobs, investment, labor, the environment, and dispute settlement. But if the pact is intended to boost Mexico’s economic growth and welfare, and bolster the rule of law, it will not achieve these goals any time soon.
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MEXICO CITY – By approving the United States-Mexico-Canada Agreement (USMCA), the US House of Representatives has removed a major potential obstacle to the trade pact. The Mexican Senate has already approved the deal, and the US Senate and the Canadian Parliament are expected to do so early next year. Once it enters into force, the USMCA – which will replace the North American Free Trade Agreement (NAFTA) – will have far-reaching consequences for Mexico in particular.