On 30th November 2018, Mexico, Canada and the United States signed the updated free trade agreement that will replace the North American Free Trade Agreement (the “NAFTA”, which is specifically referred to in the text of the new agreement as the “NAFTA 1994”).
Unlike the NAFTA, the new agreement does not appear to have a uniform name throughout North America. Rather, it currently has a different title in each of the three member countries. In Mexico, it is called the “T-MEC” (Tratado entre México, Estados Unidos y Canadá); in Canada, its name is the “CUSMA” (Canada, United States and Mexico Agreement); and the United States refers to it as the “USMCA” (United States, Mexico and Canada Agreement). Many will agree that “T-MEC” shines brightly among the choices for referencing this new agreement.
The three parties will now move forward with their respective domestic procedures to implement and ratify the T-MEC.