USMCA – A REGINA CHAMBER PERSPECTIVE
The Regina & District Chamber of Commerce expressed delight and relief over the recent USMCA agreement reached between Canada, Mexico and the United States. According to John Hopkins the Chamber’s Chief Executive Officer, “The USMCA is a crucial trade agreement for Canada given the reality that 69% of Canadian exports go to the United States. With today’s announcement Canadian business from coast to coast to can now get on with the business of trade with our number one trading partner thereby protecting Canadian jobs, government revenues and economic opportunities.”
The USMCA protects, modernizes and enhances a $1.2 trillion trade agreement between Canada, the United States and Mexico. While Canada did negotiate some access to the Canadian market in relation to dairy it protects vast swaths of the Canadian economy, maintains the dispute mechanism of Chapter 19 and provides consumers with additional de-minimus room with the duty exemption rising from $20 to $150.
The United States accounted for approximately half of Saskatchewan’s $29 billion in total exports in 2017 or approximately $16 billion with Mexico accounting for an additional $800 million.
“At the end of the day this is a win, win, win for all the trading partners. However, if this negotiation has taught us anything it’s that Canada must diversify our trade mix given our over reliance on the United States,” concludes Hopkins.
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Regina & District Chamber of Commerce
2145 Albert St.
Phone: (306) 757-4658
Fax: (306) 757-4668