Before we linger, here`s a bit of background. The World Trade Organization (WTO) is the multilateral organization that has defined the basic rules of trade between its 164 member states, including the United States. Within the framework of the WTO, there are two non-tariff agreements that directly concern FDA regulatory authorities: the Agreement on the Application of Sanitary and Phytosanitary (SPS) Measures, which includes food and feed safety measures essential for the protection of human and animal health, and the Agreement on Technical Barriers to Trade (TBT), which covers technical rules, which are essential to ensure fda requirements (e.g. labelling and packaging, transparency, standards measures and conformity assessment). Trade policy is a topic that doesn`t necessarily come to mind when you think of the FDA. But in fact, there are two reasons why the FDA closely follows trade policy: to protect our rules and authorities and to use trade agreements as a vehicle to promote public health. In the chapter “Sanitary and Phytosanitary Measures” (SPS), the United States, Mexico and Canada agreed to strengthen disciplines on science-based spS measures, while ensuring that the Parties respect their sovereign right to the protection of human, animal and plant life or health. Provisions include improving transparency in the development and implementation of SPS actions; promoting science-based decision-making; improve certification, regionalization and equivalence processes; conducting system-based audits; improve the transparency of import controls; and cooperate to improve the compatibility of measures. The new agreement would establish a new technical consultation mechanism to resolve issues between the parties. Nevertheless, many officials and trade experts say the USMCA`s greatest strength is its “modernization chapters,” some of which take stock of how the internet has changed trade since NAFTA began in 1994. The United States, Mexico and Canada have reached an agreement that benefits American farmers, ranchers and agricultural businesses. While NAFTA agriculture has generally developed well, significant improvements to the agreement will ensure fairer trade in food and agriculture and increase exports of U.S. agricultural products.
USMCA countries must abide by IMF standards, which aim to prevent exchange rate manipulation. . . .