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The U.S. and Canada reached an agreement at the last minute Sunday, saving the $12 trillion-a-year tripartite free trade agreement between the United States, Canada and Mexico. The FTA, which came into force in 1994, was once faced with a crash.
The following is part of the details of the agreement. The name of the agreement will be changed from the North American Free Trade Agreement (NAFTA) to the United States-Mexico-Canada Agreement (USMCA), which requires the approval of the legislatures of the three countries for entry into force.
* * retail trade * * *
The USMCA will raise Canada's minimum tax exemption, but by less than the level the United States wants, relieving Canadian retailers who face competition from online stores in the United States. According to the draft agreement, Canadian residents will not pay a purchase tax on goods valued below $150 from U.S. retailers and will not pay a Canadian excise tax on goods valued below $40. Mexico agreed that the minimum tax exemption threshold must be $100.
* * Pharmaceutical Industry * * *
The agreement provides a 10 year protection period for biopharmaceuticals. These include the rheumatoid arthritis treatment drug Humira and the anticancer drug Avastin, many of the world's best-selling drugs. That means Canadian patients will have to wait longer to buy cheaper biogenerics on the market.
According to Michael Geist, a law professor at the University of Ottawa, Canada's previous protection period for biological drugs was eight years. He said extending the protection period could lead to higher Canadian drug prices and higher health care costs.
* * wheat grades * * *
Canada and the United States agree that imported wheat from the other side will enjoy the same treatment as domestic wheat. American farmers have often complained that their wheat is automatically classified under the Canadian classification system as the lowest price level.
* * * * * milk
Canadian sources say the country has agreed to allow U.S. dairy farmers to enter about 3.5 percent of Canada's dairy market, and says the Canadian government is prepared to compensate dairy farmers affected by the agreement. The domestic dairy market in Canada is about $16 billion / year.


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