USMCA’s exist now – the CP is key to solve regional cooperation
Meltzer 21 - (Joshua Meltzer is a Fellow in the Global Economy and Development Program at the Brookings Institution and an Adjunct Professor at the Georgetown University Law School and at the John Hopkins School of Advanced International Studies in Washington D.C.) September 2021, "Developing a roadmap for USMCA success”, Global Economy and Development at Brookings, https://www.brookings.edu/wp-content/uploads/2021/09/Developing-roadmap-USMCA.pdf //mish
The agenda moving forward should build on the key elements in the USMCA that help generate broad political support and then identify the challenges and opportunities that can only be addressed through regional cooperation. The priorities are strengthening each country’s global competitiveness (e.g., resilient supply chains); developing opportunities for digital trade; and ensuring the compatibility of international trade with labor and environmental standards. When setting the new agenda, governments need to consider the shifting global economic context such as rising nationalist politics, increased uncertainty over the ability of international trade to deliver broad-based social gains, and growing western tensions with China. In fact, USMCA currently reflects some of these trends. One example is an increased protectionist approach, particularly with respect to the auto industry. The USMCA also includes an option for the parties to leave the agreement if one enters into another free trade agreement (FTA) with a non-market economy—a way to prevent any of the participating governments from entering into an FTA with China.8 Looking ahead, an important inflection point is the six-year review of the agreement at which time the focus will be on whether the USMCA can deliver across all the important dimensions mentioned earlier, most likely with a focus on the impact on Mexican wages.