An Independent Report Confirms USMCA can add 176,000 jobs
As per the report released by the U.S. International Trade Commission, the proposed U.S.-Mexico-Canada Agreement related to the trade issues will boost the U.S. economy. There will be an addition of $68.2 billion and also of 176,000 jobs. This also replaces North American Free Trade Agreement of 1993 but is presently delayed in the Congress.
A Heavy Impact
The impact of the commission will be moderate in view of the trade agreements already existing with Canada and Mexico. NAFTA has eliminated duties on qualifying goods and also reduced non-tariff measures. Moreover, the emphasis of USMCA is on reducing non-tariff measures on trade as well as on the U.S. economy.
The agreement will strengthen labor rights and improve the standards in Mexico. There is a provision to increase protection of intellectual property rights of the U.S. firms. Another feature is reducing the scope of the system to settle disputes among investors and individual nations, which may lead to less investment in the USA in Mexico. This will help in freeing up the capital required in the domestic mining and manufacturing sectors.
The US administration is gathering support for the approval of the deal by Congress. Additionally, this deal will add 76,000 jobs in the domestic auto sector.
Robert Lighthizer U.S. Trade Representative stated that the report validates the decision of renegotiating NAFTA. This report will lead to gaining of the approval of the Congress for the USMCA.
Business groups opine that the study impacts that Congress needs to support the deal. This agreement also supports two million jobs in American manufacturing which depend on exports to Mexico and Canada.
Democrats feel that the administration should use the opportunity to confine real and enforceable labor standards in Mexico. It also has to fix the enforcement problems that are a challenge in NAFTA.
The USMCA can also deliver true benefits of certainty and stability to the American farmers. USMCA will help the export markets to remain open for business and also make them free from red tape.
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