The signing of the United States-Mexico-Canada Agreement is an important step toward greater economic certainty, but significant work remains before Canadian businesses can be satisfied, says the Canadian Chamber of Commerce in a statement:

“While the agreement falls short of what North American business sought, it generally maintains tariff-free access for Canadian products, retains the labour mobility provisions, strengthens intellectual property protections, and ensures Canada has access to the most crucial aspects of dispute settlement.

However, much work remains to be done. We are now entering a difficult ratification process in the United States. It is crucial that our government and Canadian and U.S. businesses continue making the case to U.S. legislators that speedy ratification is important for all three countries to enjoy the benefits of trade certainty.

Additionally, the United States’ illegal tariffs on Canadian steel and aluminium remains a major concern for the Canadian Chamber of Commerce and its members. Canadian exports do not pose a national security threat to our closest ally.

So, while the Canadian Chamber welcomes today’s signature, the federal government must continue pressing for a full and permanent exemption for Canada from the United States’ tariffs. These tariffs harm Canadian competitiveness and only weaken North American supply chains.”

Source: CCC

Photo: U.S. Department of State, Flickr Media Commons.