Building bridges: Milestones and cooperative endeavors shaping North America’s future
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The North American region is currently experiencing a unique and promising opportunity as diplomatic relations between Mexico, the United States, and Canada have never been stronger. In 2022, trade between Mexico and the U.S. amounted to $863 billion, while the total commercial exchange between Mexico and Canada reached around $40 billion. The trilateral relationship was institutionalized in 1994 with the North American Free Trade Agreement (NAFTA), transforming Mexico’s commercial ties with the U.S. and Canada. In 2017, the modernization of the free trade agreement began, leading to the United States-Mexico-Canada Agreement (USMCA), which took effect on July 1, 2020, replacing NAFTA. The USMCA aims to create a fairer and more reciprocal trade environment, generating high-paying jobs and promoting economic growth in North America. Mexico, Canada, and the U.S. have enhanced their economic and social ties through the North American Leaders’ Summit (NALS) since 2005. The first North America Semiconductor Conference (NASC) was realized to address the global semiconductor shortage and create a unified region for semiconductor development and production. Mexico and the U.S. work together in the High-Level Economic Dialogue (HLED), which aims to promote economic growth and competitiveness in both countries. The North American Development Bank (NADBank) offers financial support to states from both sides of the border for the development and implementation of environmental infrastructure projects. Despite upcoming elections in Mexico and the U.S., the relationships among the three countries are vital for the economies and competitiveness of the region. The ties established over the years have made North America the most competitive region in the world.

#NorthAmerica #DiplomaticRelations #Trade #Usmca #EconomicGrowth

https://www.brookings.edu/articles/building-bridges-milestones-and-cooperative-endeavors-shaping-north-americas-future/