NAFTA renegotiation opportunity to improve trade deal for Ontario: Wynne


The chamber's No. 1 request is that renegotiation of the treaty does no harm to the trade relationship between Canada and the United States.

According to the US census the United States exported more than $2 trillion worth of goods.

US President Donald Trump blasted Nafta during his campaign as a job "killer".

"I look forward to working with the president and community leaders in Texas to ensure any updates made are in the best interest of my state". Yet like all trade deals, its benefits have been broadly distributed over the USA population, while its negative consequences have been felt sharply by a smaller group of people who have lost their jobs as industries have reorganized throughout North America.

But Trump backed away from the threat after Canadian and Mexican officials urged Washington to renegotiate and modernize - rather than scrap - the trade pact, which has boosted industry and created tight manufacturing, agriculture and business links throughout the region.

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"Our aim is that NAFTA be modernized", U.S. Trade Rep. Robert Lighthizer said in a letter formally notifying Senate Democratic leader Charles E. Schumer of NY of the renegotiation effort.

Lighthize pledges to work closely with Congress throughout the negotiations and commits to providing "timely and substantive results for USA consumers, businesses, farmers, ranchers and workers". "We're going to give renegotiation a good strong shot". NAFTA does not contain regulations pertaining to e-commerce, and it lacks the tougher environmental standards and intellectual-property protections of more recent trade deals.

The future of NAFTA has been uncertain since Trump announced in November previous year that he would withdraw the United States from the Trans-Pacific Partnership (TPP), another trade deal that covers 12 nations.

Negotiations will enter a very sensitive environment.

"NAFTA has been vital to the growth of the US insurance industry, but as with any agreement that's almost a quarter of a century old, NAFTA can be improved".

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Canada's Foreign Affairs Minister Chrystia Freeland has also been in close contact with her Mexican counterparts on the Nafta file and will be in Mexico next week.

The Obama administration attempted to address many of these deficiencies in the 2015 Trans-Pacific Partnership trade deal, which included Canada and Mexico, but Trump pulled out of TPP in one of his first official acts as president. But Schwab, now at the University of Maryland, said, "The key is, how is it renegotiated?"

Trump has repeatedly called NAFTA unfair to the US and a "terrible" deal. "Our integrated economies and supply chains support millions of jobs across the continent".

"Since the signing of NAFTA, we have seen our manufacturing industry decimated, factories shuttered, and countless workers left jobless", Commerce Secretary Wilbur Ross said in a statement.

In a statement issued earlier Thursday, Freeland said the federal government will continue to consult on NAFTA with provinces, territories, industry and union stakeholders, as well as citizens. "The net overall effect of NAFTA on the U.S. economy appears to have been relatively modest primarily because trade with Canada and Mexico accounts for a small percentage of U.S. GDP".

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Mexico and Canada signaled that they welcomed the opportunity to modernize the agreement.