Canada Begins the Process to Ratify USMCA - Forex News by FX Leaders
Canada begins process of ratification of USMCA

Canada Begins the Process to Ratify USMCA

Posted Tuesday, January 28, 2020 by
Arslan Butt • 1 min read

On Monday, Canada finally set the ball rolling on the process of ratifying the USMCA trade agreement, with the Liberal minority government urging the opposition to approve the deal soon. The USMCA has already been ratified by Mexico and the US, and once approved by Canada, will replace the decades old NAFTA trade agreement.

Justin Trudeau’s party has a minority stake in the House of Commons and will require the opposition to come together to support the USMCA towards getting it approved. Canada’s Deputy PM Chrystia Freeland, who is the leader of Canada’s negotiating team for the agreement, addressed reporters on Monday, stating, “I am calling on all members of Parliament to support the agreement and to support its entry into force with out undue delay.”

In what could potentially spell delay at Canada’s end, the main opposition party in the country, the Conservative Party, has already called for an in depth analysis of the worrying aspects of the deal, although they have stated that they have no intentions to delay the process. Implementing the USMCA would be considered a significant victory for US President Donald Trump ahead of his reelection bid in the upcoming presidential elections.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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