INTRODUCTION
On July 1, 2020, the Canada-United States-Mexico Agreement
(CUSMA) will replace the North American Free Trade
Agreement (NAFTA), ushering in significant changes for
cross-border investors in North America
This bulletin sets out key considerations for North American
investors with current or potential cross-border business
investment or operations regarding the legal remedies available to
them in the post-NAFTA world, and how to maximize available
protections.
EXISTING NAFTA PROTECTIONS AND REMEDIES
NAFTA Chapter 11 contains several significant investment
protection guarantees made by Canada, the U.S. and Mexico to
investors of the other NAFTA parties in their territories. These
include the requirement to compensate investors for expropriation
of an investment, a guarantee of “fair and equitable”
treatment and guarantees that the cross-border investor will not be
treated less favourably than local investors—national
treatment—or other foreign
