The USMCA is the updated and revitalized North American Free Trade Agreement (NAFTA). It is a tri-lateral free trade agreement that will modernize North American trade and reduce uncertainty by setting the rules for every player, thereby encouraging investment and innovation.
All three countries have ratified the agreement which was implemented on July 1, 2020.
Magna is pleased to see a tri-lateral agreement reached to modernize NAFTA. We support the ratification of USMCA in the U.S., Canada, and Mexico as soon as possible. We expect the USMCA will provide our business with the stability and predictability needed to make sound investment decisions.
The elimination of North American trade barriers has allowed Magna to integrate supply, manufacturing, and distribution networks across the continent and support thousands of good paying jobs in the United States.
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