USCIB joined 107 other associations in a letter sent on August 8 to United States Trade Representative Robert E. Lighthizer and four other cabinet-level officials in the administration highlighting the importance of a strong investment chapter in the North America Free Trade Agreement (NAFTA). The letter emphasized the need for strong enforcement provisions via an investor-state dispute settlement (ISDS) system with independent expert arbiters. The letter also offered six specific suggested changes to strengthen the current investment chapter in the NAFTA modernization negotiation set to begin August 16 in Washington.
“These provisions are highly valuable and have already helped many U.S. businesses that have faced the seizure, theft and mistreatment of investments in both Canada and Mexico. ISDS in the NAFTA has been highly beneficial to the United States,” the letter notes.
Investment, including Foreign Direct Investment, is key to driving economic growth, competitiveness, exports and jobs. Strong investment agreements, including ISDS arbitration provisions are key to effective enforcement. The investment chapter will likely be a focus in the NAFTA update negotiations.
“We were delighted to have several USCIB member sectoral associations join us in signing the letter along with a broad coalition of national and state business groups,” said Shaun Donnelly, USCIB’s vice president for trade and financial services.