The Society of Chemical Manufacturers & Affiliates (SOCMA) commends Robert Lighthizer, the newly confirmed U.S. trade representative, for taking quick action under the Bipartisan Congressional Trade Priorities and Accountability Act (TPA) to begin the process for modernizing the North American Free Trade Agreement (NAFTA).
SOCMA Managing Director of Government Relations Robert F. Helminiak released the following statement about the modernization of NAFTA:
"For the past two decades, NAFTA has provided enormous benefit for the specialty chemical industry in United States. However, NAFTA was last negotiated almost 25 years ago, and our economy and businesses have changed considerably during that period, and there is a need for modernization of the agreement.
A modernized NAFTA should reflect progress made in other agreements, such as regulatory cooperation, transparency of chemical regulations and strengthened intellectual property protection for agricultural chemicals. We would also like to see the Administration address identified inefficiencies in the agreement through the adoption of U.S.-Korea Free Trade Agreement (KORUS) rules of origin for chemicals and allowance of duty drawback.
SOCMA looks forward to working with the Administration to modernize NAFTA and ensure this agreement continues to benefit the U.S. economy and the unique role the specialty chemical industry plays in it."
For more information, visit: www.socma.com