To celebrate the first anniversary of the U.S.-Mexico-Canada Agreement (USMCA), the Woodrow Wilson Center livestreamed a conversation with the trade ministers of the tree nations this morning. A recording of the livestream is available at https://www.wilsoncenter.org/event/usmca-one.
Keynote speakers included U.S. Trade Representative Katherine Tai, Mexico’s secretary of economy and Canada’s minister of small business, export promotion and international trade.
The California Chamber of Commerce actively supported the creation of the USMCA, successor to the North American Free Trade Agreement (NAFTA), as a necessary modernization that recognizes the impacts of technology on the economies of the United States, Mexico and Canada.
The three nations comprise more than 490 million people (6.5% of the world’s population), a $26 trillion gross domestic product (GDP) (18.3% of world GDP), and $6 trillion in trade (nearly 16% of global trade).
Due to California’s position as a global leader in international trade, the priorities of the USMCA are important to the CalChamber’s members and the overall economic health of the state.
The USMCA has leveled the playing field for U.S. workers and helped the United States become more independent while expanding access for U.S. dairy, chicken, egg, and turkey products to Canadian markets.
The agreement brought good jobs back to the United States and increased paychecks for U.S. workers which is vital for the nation’s economic recovery coming out of the pandemic. Besides proving to be a win for U.S. workers and small businesses, the USMCA shows that bipartisanship is critical in renewing trade programs and establishing new trade agreements.
Mexico has remained the United States’ second largest export market since 1995, with a total value of $212.67 billion in 2020. Mexico is the first or second largest trading partner for 27 American states. Mexico continues to be California’s No. 1 export market, purchasing 15.4% of all California exports.
The United States and Canada enjoy the largest bilateral trade and investment relationship in the world. In 2020, two-way trade in goods between Canada and the United States topped $525.53 billion. Exports to Canada were $255 billion, making it the largest export destination for the United States. Canada is California’s second largest export market, purchasing 10.19% of all California exports.
Staff Contact: Susanne T. Stirling