CURRENT AFFAIRS

Detailed explanation-1: -The trade deal between Canada, Mexico, and the US officially goes into force July 1.

Detailed explanation-2: -Overview. 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).

Detailed explanation-3: -The U.S.-Canada Free Trade Agreement was signed by President Ronald Reagan and Prime Minister Brian Mulroney on January 2, 1988, with the goal of eliminating all tariffs on trade between the two countries.

Detailed explanation-4: -Canadian businesses can get ahead of the global competition by using Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)-an agreement between Canada and 10 countries: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Detailed explanation-5: -CUSMA relieves tariffs on qualifying goods, thus lowering trade barriers and cutting costs for North American importers and exporters. CUSMA replaces the North American Free Trade Agreement (NAFTA) as the region’s trade treaty, which has been in place for 20+ years.