Chemical Industry Groups Welcome Prospect of NAFTA Revamp

Key chemical industry associations from Canada, Mexico and the United States issued a joint statement Wednesday outlining their priorities for a potential renegotiation of the North American Free Trade Agreement (NAFTA).

"NAFTA set the global standard for free trade agreements 23 years ago, and we look forward to its modernization to further improve continental trade of chemistry products," said Bob Masterson, president and CEO of the Chemical Industry Association of Canada (CIAC), which released the statement with Mexico's Asociación Nacional de la Industria Química (ANIQ) and the American Chemistry Council (ACC).

Although NAFTA has helped the chemicals trade among the three countries to grow from $20 billion in 1994 to more than $63 billion today, the trade deal could spur even more growth in the sector by reflecting recent progress in regulatory, customs, transportation and communication practices and procedures, the groups argue.

"CIAC, ACC and ANIQ welcome opportunities to work with our respective governments to re-examine and strengthen NAFTA, with a focus on delivering enhanced benefits for the region's businesses, workers and consumers," a CIAC press release stated. "We are united in our support of a comprehensive review and modernization of NAFTA that energizes economic growth and job creation in North America, and we are ready to help drive it."