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Canada Ready To Work On NAFTA

by Mike Godfrey, Tax-news.com, Washington

18 July 2017


The Canadian Government has said it will be ready to work with the US and Mexico to modernize the North American Free Trade Agreement (NAFTA), in response to the publication of the US Government's objectives for renegotiation.

According to the US Trade Representative (USTR), the US will seek an agreement that reduces the US trade deficit and improves market access in Canada and Mexico for US manufacturing, agriculture, and services. The US will also push for the elimination of what it says are "unfair subsidies, market-distorting practices by state-owned enterprises, and burdensome restrictions on intellectual property."

Commenting on the announcement, Chrystia Freeland, Canada's Foreign Affairs Minister, said: "NAFTA supports millions of middle class jobs in Canada, the United States, and Mexico. We welcome the opportunity to modernize NAFTA to reflect new realities – and to integrate progressive, free, and fair approaches to trade and investment."

She pointed out that Canada buys more goods from the US than from China, Japan, and the UK combined.

Freeland explained that the Canadian Government continues to consult on the future of NAFTA.

"When the negotiations begin, we will be ready to work with our partners to modernize NAFTA, while defending Canada's national interest and standing up for our values," she said.

TAGS: investment | free trade agreement (FTA) | export duty | intellectual property | tariffs | trade treaty | China | Mexico | United Kingdom | agreements | manufacturing | Canada | United States | import duty | trade | Japan | services | North America

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