The new North American Free Trade Agreement (NAFTA), now known as the United States-Mexico-Canada Agreement (USMCA), is set to take effect on July 1, 2020.

After many months of tough negotiations, the USMCA was signed by the leaders of the three countries in November 2018. The agreement will replace the original NAFTA, which has been in place since 1994.

The USMCA was created to modernize the original agreement and address some of its shortcomings. The new agreement includes new regulations on intellectual property, digital trade, labor, and environmental issues. It also aims to make North American trade more fair and balanced.

Once the USMCA goes into effect, it will impact a wide variety of industries, including agriculture, automotive, and manufacturing. According to reports, the new agreement is expected to generate billions of dollars in new trade opportunities for all three countries.

Businesses that operate in North America should be aware of the changes that the USMCA will bring. They should review the terms of the new agreement and adjust their operations accordingly. For example, companies that export goods to Canada or Mexico may need to update their documentation and procedures to comply with the new regulations.

The USMCA has been ratified by all three countries, but there is still a lot of work to be done before it takes effect. The governments of the United States, Canada, and Mexico still need to finalize some of the details of the agreement, including the implementation of new regulations.

In the meantime, businesses should continue to operate under the terms of the original NAFTA agreement. They should also stay up-to-date on the latest developments regarding the USMCA and be prepared to make any necessary changes once the new agreement takes effect on July 1, 2020.

In conclusion, the new USMCA agreement is set to take effect on July 1, 2020. Businesses should be aware of the changes that the agreement will bring and be prepared to adjust their operations accordingly. By doing so, they can take advantage of the new trade opportunities that the USMCA will bring and remain competitive in the North American market.