GENERAL KNOWLEDGE

Detailed explanation-1: -The U.S. – Mexico – Canada Agreement (USMCA) is a trade agreement between the named parties that entered into force on July 1, 2020. To help coordinate the implementation of the USMCA, and provide comprehensive guidance to stakeholders, CBP stood up the USMCA Center in March 2020.

Detailed explanation-2: -NAFTA was a landmark trade deal between Canada, Mexico, and the United States that took effect in 1994. It contributed to an explosion of trade between the three countries and the integration of their economies, but was criticized in the United States for contributing to job losses and outsourcing.

Detailed explanation-3: -What Was the North American Free Trade Agreement (NAFTA)? The North American Free Trade Agreement (NAFTA) was implemented to promote trade between the U.S., Canada, and Mexico. The agreement, which eliminated most tariffs on trade between the three countries, went into effect on Jan. 1, 1994.