Following up on the June 12 formal written submission to the Office of the US Trade Representative, USCIB will testify before the USTR-led interagency panel on “NAFTA Modernization” this week. USCIB Vice President for Investment and Trade Shaun Donnelly will participate on Panel 8 “General Trade Matters” at 4:00pm today. The hearings, which are open to the public, are scheduled to run 9:00 am to 8:00 pm at the Main Hearing Room of the U.S. International Trade Commission, 500 E Street, SW, Washington, DC 20436.
Donnelly will draw on the USCIB written submission, developed with strong input from its members across its cross-sectoral membership.
The group calls on the administration to update the 20 year-old pact to accommodate new realities in global commerce, including the rise of the digital economy, while keeping what works from the original agreement.
“Our member companies, who collectively encompass America’s most successful enterprises on the global stage, strongly support modernization of NAFTA,” said USCIB President and CEO Peter M. Robinson. “But they are united in believing that this must take place as part of a broader strategy to open international markets for U.S. companies, and remove barriers and unfair trade practices in support of U.S. jobs.”
USCIB calls upon the administration to update and strengthen key NAFTA provisions, including the liberalization and protection of investment flows, protection of intellectual property, trade facilitation and improved agricultural market access. It also recommends tackling new areas not included or anticipated in the original agreement a quarter-century ago, such as the digital provision of goods and services, data localization requirements, treatment of state-owned enterprises. It further urges U.S. negotiators to work closely with a range of private-sector stakeholders to ensure that a revamped agreement meets business needs in the 21st century.