CUSMA USMCA T-MEC - The New NAFTA
Updated
by
GB Robins
One trade agreement, 3 different names
The 3 countries have created a new trade agreement to be headlined with their own country effective July 1, 2020
CUSMA – Canada – United States – Mexico Agreement
USMCA – United States-Mexico-Canada Agreement
T-MEC – Treaty between Mexico, the United States and Canada
Watch our Webinar on The New NAFTA - CUSMA
What you need to know:
Goods imported from the US, Canada or Mexico may still qualify as duty-free with a signed declaration - (Previously known as a Certificate of Origin)
Be sure you get the Origin Declaration signed from your supplier
If you are paying duty on items from the US, Canada or Mexico, you may qualify for a refund in Duty
Important Date: July 1, 2020
Next Steps:
To ensure all your imports from the US, Canada or Mexico have the most beneficial rate of duty applied by acquiring the signed and dated origin declaration for your shipments.
Do I actually need to do anything right now?:
Yes, Provide CUSMA - USMCA certification the same as was done for NAFTA using the new certificate – link here
Further reading:
The US-Mexico-Canada (USMCA) / Canada-US-Mexico (CUSMA) / México-Estados Unidos-Canadá (T-MEC) agreement is replacing the North American Free Trade Agreement (NAFTA)
Ongoing certification of products is still important for the new agreement. A new USMCA / CUSMA / T-MEC certificate doesn’t currently exist. Our recommendation is to prepare a certification statement that includes the required minimum data requirements.
ANNEX 5-A Minimum Data Requirements
We’ve provided a suggested format to assist our customers with certifying products under the USMCA / CUSMA / T-MEC. Link here.
The USMCA / CUSMA / T-MEC will come into force on July 1, 2020, continuing the elimination of most of the customs duties on goods imported from the US, Canada or Mexico.
USMCA CUSMA Chapter 4 Rules of Origin
USMCA CUSMA Chapter 5 Origin Procedures
Contact the experts:
Contact one of our Compliance Specialists if you have any questions: consulting@aacb.com
Or by phone:
Les Suzuki
604-542-7239
Tamra Johnson
604-542-7203
Margaret Klatt
604-542-7281
