CURRENT AFFAIRS

Detailed explanation-1: -The United States-Mexico-Canada Agreement (USMCA) is a trade deal that replaced the North American Free Trade Agreement (NAFTA). Trade liberalization is the removal or reduction of restrictions or barriers, such as tariffs, on the free exchange of goods between nations.

Detailed explanation-2: -The U.S. – Mexico – Canada Agreement (USMCA) is a trade agreement between the named parties. The USMCA replaced the North American Free Trade Agreement (NAFTA). U.S. Customs and Border Protection (CBP) has launched a USMCA Center to serve as a one stop shop for information concerning the USMCA.

Detailed explanation-3: -North American Free Trade Agreement (NAFTA) established a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. NAFTA immediately lifted tariffs on the majority of goods produced by the signatory nations.

Detailed explanation-4: -He criticized the role of Rahm Emanuel in particular for the deficiencies. The U.S. required its partners to adhere to environmental practices and regulations similar to its own. Clinton signed it into law on December 8, 1993; the agreement went into effect on January 1, 1994.

Detailed explanation-5: -NAFTA had largely eliminated tariffs on trade between the three North American countries, and the USMCA not only preserves free trade but also updates the rules to accommodate changes in the world since NAFTA went into effect in 1994.