Washington – Business Roundtable today released the following statements marking the July 1 anniversary of entry into force of the U.S.-Mexico-Canada Agreement (USMCA).
“Over the past year, the partnership between the United States, Canada and Mexico has been critical in meeting challenges of the pandemic, keeping supply chains going and supporting the U.S. economy and jobs. With USMCA in place, we have a foundation to further strengthen our North American partnership,” said Business Roundtable Trade and International Committee Chair Lance Fritz, Chairman, President and Chief Executive Officer of Union Pacific. “As leaders of the nation’s largest employers, Business Roundtable members have worked closely with Democrats and Republicans in Congress and across two Administrations to enact and implement USMCA. We are committed to continuing our work with policymakers and stakeholders to ensure the agreement achieves its full potential and sustains broad support.”
“Fully implementing USMCA will benefit all Americans and support increased regional competitiveness, employment and growth across North America. We urge all three governments to meet all their commitments, leverage the new innovative rules and work through the USMCA committees to accelerate the economic recovery, strengthen supply chain resilience and advance a forward-looking competitiveness agenda for North America,” said Business Roundtable President & CEO Joshua Bolten. “Business Roundtable supports the Administration’s commitment to working with allies and key partners, and we encourage them to start with our neighbors through USMCA, benefitting American businesses, workers and farmers.”
Pre-pandemic, nearly 13 million American jobs depended on trade with Canada and Mexico. In 2019, one-third of all U.S. exports went to Canada or Mexico. Canada was the top U.S. export destination for 33 states and Mexico was the top destination for seven more states. In addition, Canada and Mexico purchased more manufactured goods from the United States—$483.8 billion in 2019—than from the next 10 largest U.S. trading partners combined.