The Issue of Intellectual Property
The chapter on intellectual property raises several vital requirements in Canada. First is the protection of trademarks owned by a collective or organization. It means that trademark management and security are simplified through additional controls (Baird & Skodyn, 2020). Second, CUSMA provides for patent term adjustment and regulates delays in filing. Third, the term of copyright protection has been extended to 70 years, which means Canada will need to strengthen the security or rights management information (RMI).
Canada’s dairy industry rights and suppliers have changed since CUSMA was passed. It now requires the removal of import restrictions on certain classes of milk, which is expected to result in lower exports. In doing so, CUSMA seeks to regulate the legal relationships arising in North America’s trade barriers. The new provisions impose obligations on Canada to reserve pools for dairy processors and subsequent U.S. access to them.
CUSMA enshrines new rules in Chapter 19 on trade remedies and dispute resolution. It was important for Canada to retain the right to choose a bilateral dispute resolution process. Because of CUSMA, the techniques have become more independent and impartial as all representatives have a decision. The trade dispute investigation process is also becoming beneficial to Canada for digitizing information and establishing additional requirements for its transmission.
It seems to me that, thanks to CUSMA, Canadian suppliers are benefiting from the simplification of supply chain procedures. Although the overall state of the economy has not changed much under CUSMA, the agreement has created favorable conditions for Canada. First, duty-free shipments of U.S. and Mexican-compliant goods receive faster customs clearance. It means that the turnover of goods increases and overall profits increase (Trade Commissioner Service, 2021). Secondly, economic stability can be seen in maintaining Canadian businesses, for which access to the import market was a lifesaver after the pandemic. I think that CUSMA will have a positive impact on the Canadian economy and contribute to its dynamic development through free access to foreign markets.
Baird, M. & Skodyn, A. (2020). IP Post-NAFTA: What CUSMA coming into force means for Canadian IP law. Blakes. Web.
Trade Commissioner Service. (2021). Canada–U.S.–Mexico Agreement simplifies procedures for Canadian exporters. Tradecommissioner. Web.