We have been talking about it for a few days. Canada ratified the United States ? Mexico ? Canada Agreement (USMCA) Friday, March 13th. Now, there is an implementation period that is supposed to take three months, but some wonder just what in the world takes three months to implement?
The USMCA is expected to be a big boon for the agriculture sector. It is worth nearly $2 billion in Ag exports alone. Veronica Nigh is an American Farm Bureau Federation (AFBF) economist. She says with Canada?s ratification, new events have been put into motion.
The three-member countries are now making legal changes and establishing dispute mechanism panels. Nigh says this needs to happen before the USMCA becomes official.
The trade deal calls for a three-month implementation period. However, all three countries were optimistic they could shave about two weeks off this buffer period and have it ready by June 1st. That is if Coronavirus doesn?t continue to make life difficult in all three countries.
For now, implementation is full steam ahead, but carefully.
