Last year the 25 year old North Atlantic Free Trade Agreement (or NAFTA) was modernized and updated to better reflect the changing economic and technological landscape of today’s economy and trade policies. Half a year later, the American people are still waiting on a decision from our law makers.
After scrapping NAFTA, the resulting trade policy agreement is being called the U.S.-Mexico-Canada Agreement (or USMCA), and was agreed upon and signed by the respective leaders of each country on November 30th 2018. However, more than six months later the bill is still caught in the tangle of congressional approval. Read more HERE.
New Mexican manufacturers sold $1.5 billion in manufactured goods to Canada and Mexico in 2018, and one out of every eight manufacturers in New Mexico export to Canada or Mexico. New Mexican manufacturers support passing the USMCA because it includes key provisions to help modernize 21st-century trade in North America. The USMCA agreement strengthens and modernizes America’s innovation engine by including 21st century standards for intellectual property protection, expanding U.S. manufacturing access to Canada and Mexico by eliminating red tape at the border, and leveling the playing field by raising standards, improving transparency and protecting American production.
Manufacturers in New Mexico cannot afford to lose access to the tariff-free trade zone across North America that is secured by a strong trade agreement like the USMCA. Without the agreement New Mexico’s manufactured goods exports to Canada and Mexico could face as much as $14 million to $461 million in extra taxes (compared to zero tariffs today).
New Mexico Business Coalition urges our members and supporters to contact their congressional delegates and encourage them to vote yes on the USMCA trade agreement.
1st District Debra Haaland: Washington Office (202) 225-6316, Albuquerque Office (505) 346-6781
2nd District Xochitl Torres Small: Washington Office (202) 225-2365, Las Cruces office (575) 323-6384
3rd District Ben Ray Luján: Washington Office (202) 225-6190, Santa Fe Office (505) 984-8950