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February 21, 2020

February 21, 2020 – The Canada-United States-Mexico Agreement (CUSMA), as amended by the Protocol of Amendment signed December 10, 2019, represents a major overhaul of the now-dated 1994 North American Free Trade Agreement (NAFTA), according to Dan Ciuriak, Ali Dadkhah, and Jingliang Xiao.

However, as the authors note in “Quantifying CUSMA: The Economic Consequences of the New North American Trade Regime,” it is unusual in that CUSMA has little traditional tariff liberalization, introducing only minor changes to market access compared to the NAFTA, and limited improvements in trade facilitation, while at the same time introducing a number of features that promise to be more restrictive of trade.