Benefits and Drawbacks of the US-Mexico-Canada Agreement Management (Research Paper Sample)

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Benefits and Drawbacks of the United States-Mexico-Canada Agreement
In November 2018, the trade representatives of The United States, Canada, and Mexico renegotiated the terms and agreements under the North American Free Trade Agreement (NAFTA), which led to a new agreement, the United States-Mexico-Canada Agreement (USMCA). The USMCA is a modern and more modified version of the NAFTA, which was enacted to govern the economic ties between the North American countries. The primary purpose for which NAFTA had been negotiated and ratified was to increase and maintain North America's competitiveness within the global market. However, a time had reached where the three countries needed a renegotiation in order to have an agreement that reflected the current realities of the global market. Termination of NAFTA was not feasible and would have had devastating effects on all three countries, especially the U.S. As a result, it became imperative to modify instead of terminate NAFTA.