The United States-Mexico-Canada Agreement (USMCA), the revised version of the North American Free Trade Agreement (NAFTA), which is yet to be ratified by legislatures of each country, is better than the earlier agreement for the US textile industry, according to US trade bodies. The USMCA was signed last month after a 15-month negotiation process.
“The National Council of Textile Organizations (NCTO) was in continuous communication with US negotiators during USMCA talks, urging them to preserve and enhance the North American textile supply chain, and the deal reflects many of NCTO’s priorities. The new deal is better than NAFTA for the US textile industry in many aspects and NCTO is pleased to endorse it,” said NCTO chairman Marty Moran.
USMCA improvements over NAFTA include: a standalone chapter for textile and apparel (NAFTA does not have a separate chapter covering textile and apparel rules of origin); stronger rules of origin for sewing thread, pocketing, narrow elastics and certain coated fabrics; fixing the Kissell Amendment loophole; and stronger rules for customs enforcement. (RKS)
The United States-Mexico-Canada Agreement (USMCA), the revised version of the North American Free Trade Agreement (NAFTA), which is yet to be ratified by legislatures of each country, is better than the earlier agreement for the US textile industry, according to US trade bodies. The USMCA was signed last month after a 15-month negotiation process.#
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Fibre2Fashion News Desk – India
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