OTTAWA (dpa-AFX) - The Trump administration has announced that it will not renew USMCA, a free trade agreement among the United States, Mexico, and Canada.
'The United States did not agree to renew the USMCA in its current form. As a result, the USMCA is not renewed,' US Trade Representative Jamieson Greer said on Wednesday, when the trilateral trade pact was set to expire after 16 years.
The Agreement between the United States of America, the United Mexican States, and Canada, known as USMCA, came into effect on July 1, 2020. It requires the USMCA Free Trade Commission, composed of government representatives of each Party, to conduct a joint review of the Agreement on July 1, 2026.
Officials of the three north American countries met virtually to discuss the operation of the USMCA.
Despite its decision not renew USMCA, the United States said it will continue to engage with Mexico and Canada to address the Agreement's shortcomings and the U.S. trade deficits with these countries.
The United States will meet with Mexico in the week of July 20 for a third round of bilateral negotiations related to the USMCA joint review.
Greer said in a statement that the Agreement remains in force pending resolution of these issues or until the Agreement's termination.
The USMCA encompasses one of the world's largest free trade zones, with an economy of $30.997 trillion in nominal GDP. This is nearly 30 percent of the global economy, and the largest of any trade bloc in the world.
Mexico and Canada are two of the United States' largest trading partners. Canada exports most of its products to the US.
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