The agreement is designated differently by each signatory – in the United States, it is called the U.S.-Mexico-Canada Agreement (USMCA);   in Canada, it is officially known as the Canada-U.S.-Mexico Agreement (CUSMA) in English and the Canada-U.S.-Mexico Agreement (ACEUM) in French;  and in Mexico, tratado is called tratado between México, Estados Unidos y Canadé (T-MEC).   The agreement is sometimes referred to as “New NAFTA” with respect to the previous trilateral agreement for the successor, the North American Free Trade Agreement (NAFTA). The second parallel agreement is the North American Environmental Cooperation Agreement (NAAEC), which established the Commission for Environmental Cooperation (CEC) in 1994. The CEC is responsible for strengthening regional cooperation in the environmental field, reducing potential trade and environmental conflicts and promoting effective enforcement of environmental legislation. It also facilitates public cooperation and participation in efforts to promote conservation, protection and improvement of the North American environment. It consists of three main components: the Council (Minister of the Environment), the Joint Advisory Committee of Governments (JPAC) and the Secretariat, which is headquartered in Montreal. It has an annual budget of $9 million, with Canada, Mexico and the United States contributing $3 million per year and settled by consensus (non-majority). For the first time in a U.S. trade agreement, the agreement prohibits local data storage requirements in circumstances where a financial supervisory authority has access to the data it needs to fulfill its regulatory and supervisory mandate. On May 30, U.S.
Trade Representative Robert E. Lighthizer presented Congress with a draft declaration on the administrative steps needed to implement the U.S.-Mexico Agreement (USMCA and the new NAFTA), in accordance with the 2015 Presidential Trade Promotion (TPA) Administrative Action Statement. The project will allow congress to be presented to Congress, after 30 days, on June 29, a law to implement the USMCA. In a letter  to Nancy Pelosi, House of Representatives spokeswoman Kevin McCarthy, the minority leader of the House of Representatives, the Republican, told Lighthizer that the USMCA was the gold standard in U.S. trade policy, modernizing the competitive trade in digital, intellectual property and services in the United States and creating a level playing field for U.S. businesses. , workers and farmers, an agreement that represents a fundamental shift in trade relations between Mexico and Mexico. The North American Free Trade Agreement (NAFTA), signed by Prime Minister Brian Mulroney, Mexican President Carlos Salinas and U.S. President George H.W. Bush, came into force on January 1, 1994.
NAFTA has created economic growth and a rising standard of living for the people of the three member countries.