McGuire-Keogh Fair Trade Enabling Act: What Is It?
The McGuire-Keogh Fair Trade Enabling Act (MKEFTA) is a United States federal law that was enacted in 2020. It is designed to protect American businesses from foreign competition and create a level playing field for all competitors. The act is meant to promote free and fair trade by requiring foreign companies to adhere to certain standards, including:
- Adhering to the same labor, environmental, and safety standards as US companies.
- Providing fair wages and benefits to workers.
- Providing fair and reasonable prices for goods and services.
- Protecting intellectual property.
- Enforcing anti-corruption measures.
The act also seeks to promote American investment in foreign markets by providing incentives to US businesses. This includes providing tax credits, reduced tariffs, and other benefits that can help make investment more attractive to American companies. The MKEFTA is intended to create an environment where businesses can compete on a level playing field and promote economic growth for all countries involved. Ultimately, this act is meant to create more jobs and economic opportunities for people around the world.
Conclusion
The McGuire-Keogh Fair Trade Enabling Act is a positive step toward creating a fair and equitable global trading system. It will help to ensure that companies from all countries have the same opportunities to compete and succeed. By promoting free and fair trade, the MKEFTA will help to create jobs, reduce poverty, and create economic opportunities for people around the world.