The U.S., Canada and Mexico are set to formally begin consultations ahead of the review of their regional USMCA trade accord next year, the U.S. and Mexico announced Tuesday. The consultation process began on Wednesday.
Mexican Economy Minister Marcelo Ebrard said an evaluation of the trade pact’s results over the past five years will take place between now and the end of the year to prepare for negotiations over a possible extension of the agreement in 2026.
The Office of the U.S. Trade Representative, which estimates that the USMCA covers nearly $2 trillion in US goods and services within the region, made a similar announcement in an official notice seeking public comment on the matter.
Canadian Prime Minister Mark Carney last month said his government would also hold industry consultations on the trade agreement this fall, though Canada’s process has not yet formally begun.
