On June 19, Mexico became the first country to ratify the U.S.-Mexico-Canada trade agreement (USMCA).
In a 114-4 vote, Mexico’s Senate chamber was able to pass the agreement less than three weeks after Mexican President Andrés Manuel López Obrador’s administration submitted the texts necessary for them to make a decision.
MEMA Issued the following statement:
The Motor & Equipment Manufacturers Association (MEMA) applauds Mexico, which took the lead this week and passed the United States-Mexico-Canada Agreement (USMCA) – making it the first county to ratify the new North American trade deal.
As the association that represents the largest sector of manufacturing jobs in the United States, MEMA calls on the U.S. Congress to follow this lead and ratify the USMCA without further delay. A strong and vibrant North American supply chain is critical for U.S. companies to continue to grow jobs, increase investments, and stay competitive in a technology-driven global marketplace.
The USMCA, when ratified by all three countries, will be a welcome update to the North American Free Trade Agreement, which was nearly 25 years old. This new trade deal, which will keep the United States on a level competitive field with the other major manufacturing centers in the world, will serve as a catalyst for further American manufacturing and job growth, foster a high level of economic confidence, and maintain stability in the supply chain. Moving forward without a solid North American trade deal is not an option. The USMCA is the best step forward, and it is time to ratify this trade agreement.