Publish date:

Senate approves USMCA

Flags-USMCA-story

The U.S. Senate last week overwhelmingly approved the U.S.-Mexico-Canada Agreement, one of the final actions required for the trade pact to move forward. Implementing the deal that would replace the North American Free Trade Agreement was a top priority for the National Marine Manufacturers Association.

“The recreational boating industry thanks Congress and the administration for working together in a bipartisan fashion to usher in a new era of free trade, which will immediately benefit businesses and workers across the continent,” Nicole Vasilaros, senior vice president of government and legal affairs, said in a statement. “With Canada and Mexico accounting for 40 percent of our industry’s annual boat and engine exports, we rely on our longstanding trade partnerships with both countries, and this agreement will protect and preserve these critical partnerships for years to come.”

According to NMMA data, that 40 percent has an estimated value of $820 million, and 18 percent of annual U.S. boat and engine imports come from Canada and Mexico, an estimated value of $600 million. NMMA said boating generates $170 billion in annual economic activity, supports 691,000 jobs and supports 35,000 businesses.

Highlights of USMCA include rules of origin that require at least 60 percent of boat and engine materials be made in North America. Regulatory coherence streamlines processes and cross-border information to reduce regulation.

The agreement will last 16 years, with review periods every six years. Mexico has approved USMCA, and Canada is expected to ratify the agreement later this month. 

Related

‘A Phenomenal Success’

The Southampton International Boat Show had more than 88,000 visitors during its 10-day run, after last year’s cancellation.

TopSide Marinas Makes First Two Acquisitions

Founded in January 2020, the firm has thus far acquired Beavers Bend Marina in Oklahoma and Galveston Yacht Basin in Texas.

Two Boosts for Boating and Fishing

MBIA’s Metro Boat show show draws a crowd, and the U.S. Fish and Wildlife Service expands boating and fishing opportunities.

Norwalk Boat Show Held This Weekend

The NMMA show runs through Sunday at Norwalk Cove Marina in Norwalk, Conn.

Raritan Expands Team

Patrick McNeel joins the New Jersey-based manufacturer as a marine equipment product developer.

Industry Mourns Walter “Bing” Burns O’Meara

The longtime publisher of Lakeland Boating magazine has died at 81.

NMMA Announces Hall of Fame Inductees

Regulator Marine’s Joan Maxwell and Bill Watters of Syntec Industries will be honored at IBEX.

Brunswick Acquires SemahTronix

The supplier of wiring harnesses and other electrical assemblies will be part of Brunswick’s growing Advanced Systems Group.