You are here
Industry Calls for Careful NAFTA Renegotiation
A group of chemical industry organizations including the American Chemistry Council, the Chemical Industry Association of Canada and the Mexican Chemical Industry National Association issued a statement on Wednesday praising the economic benefits of the North American Free Trade Agreement.
“Over the past two decades, the North American Free Trade Agreement has provided enormous benefit for the chemical sectors in Canada, Mexico and the United States,” the statement read. “Since NAFTA entered into force, trade in chemicals between NAFTA countries has more than tripled, from $20 billion in 1994 to $63 billion in 2014.”
As the Trump Administration prepares to renegotiate trade deals like NAFTA, VI and industry leaders are calling on policy makers to consider the potential impact of rule changes to successful and mature American businesses and their supply chains. Entire industries have developed under the current trade rules and any renegotiation is likely to affect the supply chains of many industries.
For example, U.S. vinyl resin manufacturers are net exporters with America’s largest trading partners, contributing to an industry trade surplus with Canada, Mexico and China. Additionally, U.S. vinyl resin exports account for approximately 35% of total sales and the number is expected to grow by more than 30% by 2019. These factors must be given careful consideration as the administration and Congress work to renegotiate trade deals.
VI is working with our industry partners to monitor the trade negotiations and provide assistance to the Trump Administration as negotiations progress. Please join us for the Vinyl Industry Congressional Fly-in on May 17 & 18 to discuss this, and other important issues, with policy makers in Washington.