Overview:
The North America Free Trade Agreement (NAFTA) comprises Canada, the U.S. and Mexico, an agreement which has eliminated barriers to trade, promoted conditions of fair competition, increased investment opportunities, provided protection for intellectual property rights, and established procedures for the resolution of disputes.
The United States-Mexico-Canada Agreement (USMCA), commonly referred to as the "New NAFTA,"is essentially NAFTA 2.0. The USMCA has been adjusted to include changes for automakers, stricter labor and environmental standards, intellectual property protections, and digital trade provisions.