NAFTA conversations continue
Talks to update the North American Free Trade Agreement (NAFTA) between the U.S., Canada and Mexico continue with a tentative agreement reached with Mexico that does not include Canada. According to the National Association of Manufacturers (NAM), Canada and Mexico are the largest foreign purchasers of U.S.-manufactured goods, buying 20 percent of all items manufactured in the U.S., or more than the next 10 trading partners combined. NAM welcomes the work underway to modernize and improve NAFTA, but also reinforces that it is vital to ensure that renegotiation does not negatively impact U.S. manufacturing or manufacturing jobs.
Recently, NAM President and CEO Jay Timmons and Canadian Manufacturers & Exporters President and CEO Dennis Darby released the following statement underscoring the importance of a trilateral agreement:
“Manufacturers in the United States and Canada firmly support moving forward at full speed to seize the opportunity to forge a new trade deal with the United States, Canada and Mexico. There is an unprecedented volume of goods flowing between the three countries and significant integration of operations, which makes a trilateral agreement an imperative. Such an agreement secures the jobs of our manufacturing workers and strengthens the critical U.S.–Canada trading relationship. We must also stand together with our regional allies to ensure competitors like China do not reap the rewards of unfair anti-market trade practices. Because of our two countries’ nearly $700 billion trading relationship, our economies are inextricably linked, and our manufacturing workers depend on a strong deal that keeps us all growing and prospering for generations to come.”
For more information, view NAM’s informative infographic.