NEW NORTH AMERICAN TRADE DEAL REMOVES EXPORT MINIMUM GUARANTEES
October 1st, 2018
THE NEW US Mexico Canada Agreement (USMCA) trade deal scraps a provision within the old North American Free Trade Agreement (NAFTA) that could have allowed member countries to demand a minimum import level of oil and oil products from each other. Under the old ‘proportionality clause’ in NAFTA’s article 605, Canada, the US and Mexico could demand the right to buy oil and oil products from each other up to the average bilateral import over the previous three years. The aim was to prevent governments diverting domestic supplies to domestic consumers during an ...
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