NAFTA Negotiations Developments as of February 26. 2018
Starting today, the seventh round of NAFTA negotiations begins in Mexico City and will run until March 5, 2018. As talks continue, they tend to focus more on the U.S. demands that NAFTA negotiators say can only be resolved at the highest political levels. There is definitely a sense of urgency in negotiations as the next Mexican presidential election takes place this July. Read this update to learn where NAFTA negotiations now stand.
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.
REPORT | Arkansas Would be Harmed by Withdrawing from NAFTA
By raising the costs of Arkansas exports and imports, a U.S. withdrawal from NAFTA would make Arkansas businesses and farmers less competitive, resulting in losses of jobs and production in the state and exports from the state to Canada and Mexico. This report comes from Business Round Table.
REPORT | Impact of Steel and Aluminum Tariffs on Arkansas Manufacturers
The Arkansas District Export Council Arkansas and the World Trade Center Arkansas prepared a survey to learn about the anticipated impact of steel and aluminum tariffs on Arkansas businesses. The survey was sent to Arkansas companies on March 15, 2018.
Summary of Objectives for the Renegotiation of NAFTA
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.