CUSMA, or the Mexico, Canada, and United States Free Trade Agreement, is a bilateral agreement that was signed on July 1, 2020. This agreement is actually an updated and considered replacement of the NAFTA agreement or the free trade agreement between the United States, Canada and Mexico. CUSMA is designed to reduce trade barriers and increase trade between the three countries.
CUSMA consists of 34 chapters and more than 200 pages and covers many issues related to business, including legal, financial and tax laws, environment, industrial regulations and information and communication technology. The purpose of this agreement is, on the one hand, to facilitate trade between member countries and on the other hand, to intensify the protection of workers' rights and environmental protection.
In general, CUSMA consists of three main parts:
1. Business: CUSMA lays down the rules and regulations that are necessary to facilitate trade between the three countries. This includes regulations on market access, intellectual property rights, support for small and medium-sized businesses, and customs facilities and facilities.
2. Workers: CUSMA guarantees workers' rights and provides provisions to protect them. This includes supporting workers with decent working conditions and decent wages, creating a ready work calendar, involving workers in decision-making and other issues related to workers. For example, CUSMA has defined provisions to prevent the exploitation of forced laborers in other countries, especially in the area of child labor and illegal work. Also, this agreement supports migrant workers and provides them with suitable working conditions. Overall, by creating decent working conditions and protecting workers' rights, CUSMA helps alleviate workers' concerns and improve working conditions at the regional level.
3. Environment: CUSMA has also set regulations for environmental protection. This includes protecting water, air and soil resources, supporting the conservation of endangered species and protecting indigenous peoples.
CUSMA is generally designed to reduce trade barriers and increase trade between the three countries. By signing this agreement, member states undertake to implement the terms and conditions of CUSMA. This agreement is actually considered as an important agreement to strengthen trade relations between member countries in the North American region.
CUSMA is known as one of the largest bilateral trade agreements in the world due to the many issues it covers. With the implementation of CUSMA, trade between member states is expected to increase and is considered as a successful example of an updated trade agreement in today's world.
