17 Sep Canada Us Free Trade Agreement News
In recent news, it has been reported that Canada and the United States have agreed to a revised version of the North American Free Trade Agreement (NAFTA), which is now called the Canada-United States Free Trade Agreement (CUFTA).
This updated agreement comes after months of negotiations and is seen as a victory for both Canada and the United States. The new deal is expected to provide greater benefits to workers, farmers, and businesses in both countries.
One of the most significant changes in the CUFTA is the new rules governing the automotive industry. Under the new agreement, car manufacturers must use more North American-made parts in their vehicles and maintain higher labour standards in order to qualify for tariff-free trade.
Another notable change is the opening up of Canada`s dairy market to U.S. farmers. While this has been a contentious issue in the negotiations, the new agreement will allow for some access to the Canadian market while also protecting Canadian dairy farmers.
Overall, the CUFTA is expected to provide a boost to both the Canadian and U.S. economies. The agreement will increase trade between the two countries, which will lead to more job opportunities and economic growth.
It is important to note that although the CUFTA has been agreed upon by both countries, it still requires ratification by the Canadian and U.S. governments before it can be implemented. This process could take several months, but if all goes well, the new agreement could be in place as early as 2020.
In conclusion, the Canada-United States Free Trade Agreement is a significant development in the ongoing trade relationship between these two countries. The new agreement provides much-needed updates to an outdated NAFTA and is expected to benefit both Canadian and U.S. workers and businesses alike.