The United States-Mexico-Canada Agreement (USMCA) is a trade agreement that replaces the North American Free Trade Agreement (NAFTA) and updates the rules governing trade and investment between the United States, Mexico, and Canada. To take advantage of the USMCA, a brand should consider the following checklist:
Understand the key provisions of the USMCA: Familiarize yourself with the key provisions of the USMCA, including the rules of origin, customs procedures, and dispute settlement mechanisms. This will help you to understand how the USMCA may affect your business and how to take advantage of its benefits.
Identify opportunities to increase trade with Canada and Mexico: The USMCA includes new provisions that may make it easier for your business to trade with Canada and Mexico. Identify any opportunities to increase your exports to these countries, such as by taking advantage of new tariff reductions or market access provisions.
Review your supply chain: The USMCA includes new rules of origin that may affect the eligibility of your products for tariff preferences. Review your supply chain to ensure that your products meet the new rules of origin and can take advantage of the USMCA's benefits.
Update your customs procedures: The USMCA includes new customs procedures that may affect how you clear your goods at the border. Review and update your customs procedures to ensure that they are in compliance with the USMCA's requirements.
Engage with relevant authorities: Engage with relevant authorities, such as the U.S. International Trade Commission, to seek guidance and support on how to take advantage of the USMCA's benefits and comply with its requirements.
Monitor developments and adjust your compliance efforts accordingly: The USMCA is a new agreement, and it is likely that additional guidance and regulations will be issued over time. Be sure to stay up-to-date on these developments and adjust your compliance efforts accordingly.