In a move to ensure long-term economic stability and competitiveness across North America, the Canadian government has officially notified the United States and Mexico of its intention to renew the Canada-United States-Mexico Agreement (CUSMA).
According to reports from Canadian media, including the television network CTV, Dominic LeBlanc, Canada's minister responsible for Canada-US trade, has proposed a significant 16-year extension of the trilateral free trade deal. In a letter addressed to US Trade Representative Jamieson Greer and Mexican Secretary of Economy Marcelo Ebrard, LeBlanc expressed Canada's desire to avoid the annual review process currently outlined in the agreement.
CUSMA, which replaced the North American Free Trade Agreement on July 1, 2020, requires the three member nations to decide by July 1 whether to extend the deal for another 16 years or transition to an annual review. With the deadline fast approaching this July, Canada is pushing for a long-term commitment to provide certainty for businesses and investors.
"Canada recognizes that either or both other parties to the agreement may wish to propose areas where improvements may be warranted to strengthen North American competitiveness," LeBlanc stated in his letter, emphasizing Canada's readiness for continued engagement with its partners.
Beyond the extension of the pact, LeBlanc highlighted that discussions regarding sectoral tariffs with the United States remain an essential component of the upcoming negotiations.
While the United States and Mexico have already reported progress in their formal bilateral negotiations, Canada has not yet participated in formal talks regarding the review. To address this, LeBlanc traveled to Washington this Tuesday to hold direct discussions with Trade Representative Jamieson Greer.
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Canada proposes to extend North America's free trade agreement
cgtn.com
