This is considered important, as it could set a precedent for future trade agreements. [54] Chapter 33 sets out monetary and macroeconomic transparency requirements that, if violated, would create a remedy under Chapter 20. [54] The United States, Canada and Mexico currently meet all of these transparency requirements, in addition to the substantive political requirements that are consistent with the articles of the International Monetary Fund Convention. [55] On June 19, 2019, the Mexican Senate ratified the agreement (114 yes, 3 no, 3 abstentions). [88] Mexico`s ratification procedure will be completed when the President announces ratification in the Federal Register. There are three primary dispute settlement mechanisms that are included in NAFTA. Chapter 20 is the resolution mechanism from one country to another. It is often considered the least controversial of the three mechanisms and has been maintained in the USMCA in its original NAFTA form.
