Briefing

Modified USMCA signed in Mexico City after Democrats reach deal with White House

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The agreement now includes a committee to monitor whether Mexico is following its labour standards and ways to monitor compliance with environmental rules. Protections against generic competition for biologic drugs have been removed. (CNBC)

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Talking point: U.S. House Speaker Nancy Pelosi said the updated treaty is “infinitely better” than the original, increasing its chances of passing a ratification vote, likely before the end of the year. The Mexican and Canadian legislatures also need to approve the new text, but Ottawa has agreed—Deputy Prime Minister Chrystia Freeland signed the deal in Mexico City on Tuesday afternoon. While the labour and environmental enforcement measures focus on Mexico, Canada will benefit from the drug provision changes. In June, The Logic reported that the federal government expected the removed provisions to raise medicine costs and make treatment less accessible to patients.