At the G20 Summit, held from November 30 to December 1 in Buenos Aires, the United States, Mexico, and Canada agreed to the USMCA Free Trade Agreement. After approval by each national legislature, the USMCA will replace the NAFTA agreement, which has been in place since 1994. USMCA affects almost 500 million people and covers an area with an economy of almost €20 billion.
The agreement also contains a sectoral annex for chemicals. It covers the regulation of chemicals and mixtures according to a risk-based approach. The goal is now to align the risk assessment and management methods used in each country. The next step will be ratification by each individual country, after which the agreement will take effect.
The American Chemistry Council (ACC) supports the annex, but the Democrats have already complained about the lax labor and environmental regulations.
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