World Trade Center Arkansas Involved in Ongoing NAFTA Modernization
In the past three months, the World Trade Center Arkansas has met with NAFTA country leaders, officials in the USTR, ITA & US Dept. of Commerce in Washington, D.C.; emphasized NAFTA’s success in Arkansas and the state’s unique position to these leaders; presented Arkansas as a success model for NAFTA in Middle America; publicly testified before the USTR on Arkansas’ needs and success within NAFTA; continued ongoing discussions with leaders of the NAFTA countries.
NAFTA has benefited Arkansas for the two decades through a 700% increase in exports to Mexico alone and a 400% increase to overall exports to both Canada and Mexico.
Working with the U.S. Trade Representative, theArkansas District Export Councilandthe World Trade Center Arkansas utilized a survey to collect responses from 150 companies. The questions we asked allowed us to understand the needs of Arkansas businesses and what types of provisions in the revised trade agreement would be most helpful to them. We then submitted this information to the Office of the U.S. Trade Representative (USTR) on behalf of these Arkansas companies. The USTR will then use this information to revise NAFTA. We requested the opportunity to publicly testify and you can read more about our participation in the public hearings here.
On Monday, July 17, 2017 the United States Trade Representative issued the President’s official Summary of Objectives for the Renegotiation of NAFTA. This release is the latest issuance of policy objectives after the USTR held public hearings and is part of the ongoing process to modernize the agreement.