The Canadian Steel Producers Association (CSPA) urged the Canadian government to expeditiously ratify the United States-Mexico-Canada Agreement (USMCA) on Thursday.
Canada is the only remaining country that needs to sign the treaty before it takes effect. The agreement was ratified by Mexico and US followed with President Donald Trump signing the treaty at a ceremony on Wednesday.
CSPA noted the trade agreement is crucial for the continent’s steel industries in light of global trade uncertainties, which have, at times, been fractious.
According to Catherine Cobden, CSPA’s president, the new continental trade agreement will bolster rules of origin and enhance regional value content requirements. Moreover, it provisionally promotes information sharing, which will help the three countries combat dumped and subsidized steel imports from harming domestic markets.
CSPA represents suppliers for the automotive, construction, energy and transportation industries, among others.