Washington D.C. – National Foreign Trade Council (NFTC) President Rufus Yerxa today delivered testimony before the Office of the United States Representative (USTR) regarding the upcoming negotiations of the North American Free Trade Agreement (NAFTA).
Outlining the importance of the existing NAFTA to U.S. companies, Mr. Yerxa noted that “Although our exporters still face some problems in Canada and Mexico, NAFTA has succeeded in eliminating most trade barriers in these two key markets. The expanding markets for U.S. manufacturers, service providers and agricultural producers have contributed significantly to the bottom line for our companies. It is therefore vital to ensure that these negotiations strengthen our ties with our North American partners. In particular, we see important gains to be made by securing new commitments in areas not contemplated when NAFTA was negotiated over 20 years ago.”
Mr. Yerxa’s testimony emphasized that negotiations should create more open markets and better rules, not new restrictions that would undermine existing access. He described the importance of a strong North American production platform in enabling the U.S. to compete with Asia and Europe. On behalf of NFTC, he outlined key negotiating objectives of his membership in different sectors, including more streamlined customs procedures, lower de minimus thresholds for low value shipments, better protection for U.S. patents and trade secrets, stronger investor protections and a better framework of trade rules to guarantee more open digital trade and facilitate growth of the internet economy.
For full testimony, click
here.
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About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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