It was announced that formal negotiations regarding the North American Free Trade Agreement (NAFTA) will begin on August 16th in Washington, D.C.
The countries involved, the United States, Canada and Mexico, are expected to hold at least seven negotiating rounds in an effort to update the 22 year old tri-lateral agreement.
The United States recently published a list of negotiating priorities it sees as important to any new agreement between the parties. The full list of U.S. NAFTA priorities is available here.
Included in those priorities is the following:
- Improve the U.S. trade balance with NAFTA countries
- Provide for a similar de minimis provision allowing for the duty free movement of very low value imports into Canada and Mexico
- Elimination of non-tariff barriers to U.S. agricultural exports
- Elimination of Chapter 19 dispute settlement mechanism
Additional information regarding the NAFTA negotiations will be provided as it becomes available.