Potential Agreement on NAFTA Reached
Reposted by hillcrest garden, Inc.
Authored By: Shawn McBurney
on: September 05, 2018 In: Government Relations,
The U.S. and Mexico have reached a preliminary agreement in principle to update the North American Free Trade Agreement (NAFTA) between the two nations. It appears there will be no disruptions to the flow of floriculture products between the U.S. and Mexico.
In the wake of the announcement, Canadian trade officials met with the U.S. Trade Representative and other negotiators. Many have urged that Canada be included in the final agreement to ensure a trilateral agreement.
The updated U.S.-Mexico Free Trade Agreement is said to provide mutually beneficial trade and support for freer markets. The agreement seeks to strengthen trade for U.S. growers and agriculture, with important updates that include provisions related to biotechnology, sanitary and phytosanitary (SPS) measures, and geographical indication (GI) standards.
Most importantly, the modernized agreement maintains no tariffs on agricultural products. The agreement increases information exchange and cooperation on biotechnology to support agricultural innovation including gene editing. The U.S. and Mexico have reportedly also made significant commitments to reduce trade distorting policies and agreed to not use export subsidies or other World Trade Organization (WTO) special agricultural safeguards.
Depending on the outcome of ongoing negotiations with Canada, the U.S.-Mexico Free Trade Agreement now moves into a period of finalization and implementation. The Trump Administration, under Trade Promotion Authority, has begun the process of Congressional notification.
President, Hillcrest Garden, Inc.