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CUSMA — New trade deal takes effect July 1, 2020
CUSMA — New trade deal takes effect July 1, 2020
Canadian importers and exporters should prepare for the Canada-United States-Mexico Agreement (CUSMA) to enter into force on July 1, 2020.
Canada, the United States and Mexico have now completed the legislative procedures for ratification of the agreement. However, the countries are still discussing whether to allow a longer transition period for the auto sector to comply with the new rules of origin.
Now that the CUSMA, which is also referred to as the United States-Mexico-Canada Agreement (USMCA), will replace the North American Free Trade Agreement (NAFTA) on July 1, 2020, affected importers and exporters should properly plan for how it may impact their overall operations. Specifically, companies in various industries should take action now to:
- Review the new rules of origin for their products
- Validate product classifications and costing information
- Solicit new qualifying attestations from North American suppliers to replace the existing NAFTA certificates of origin
- Understand the impact of new "de minimis" thresholds on cross-border transactions
- Reassess the overall structure of their global supply chains
Download this edition of the TaxNewsFlash to learn more.
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