What's Happening?
A new study by the Agricultural Coalition for the United-States-Mexico-Canada Agreement (USMCA) reveals significant economic benefits for U.S. agriculture from trade with Mexico and Canada. The study highlights that agricultural and seafood exports to these countries generated $149 billion in economic output, supporting nearly half a million jobs. The coalition is urging the renewal and strengthening of USMCA as it enters its formal review period. The agreement has been a key driver of employment, investment, and competitiveness in the U.S. agricultural sector, with substantial contributions to GDP and tax revenue.
Why It's Important?
The USMCA has been instrumental in supporting the U.S. agricultural economy, providing stability and market access for farmers and producers.
The agreement's renewal is crucial for maintaining these benefits and ensuring continued growth in the sector. The study's findings underscore the importance of international trade agreements in bolstering rural economies and supporting job creation. As the review period approaches, stakeholders are advocating for targeted improvements to enhance the agreement's effectiveness and address emerging challenges in the agricultural trade landscape.
