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DRAFT OF NEW NAFTA AGREEMENT INCLUDES ONLY MODEST CHANGES
Apr. 4, 2017
Iowa AgriBusiness Radio Network reports:
The Donald Trump administration seems more likely to pursue modest changes to the North American Free Trade Agreement in negotiations with Canada and Mexico.
Trump called NAFTA a "disaster" during his campaign for President, but the Wall Street Journal reports his suggestions for NAFTA seem less likely to make sweeping reforms to the trade agreement.
According to an administration draft proposal being circulated in Congress by the U.S. trade representative's office, the U.S. would keep some of NAFTA's most controversial provisions, including an arbitration panel that lets investors in the three nations circumvent local courts.
The draft, reviewed by the Wall Street Journal, talks of seeking "to improve procedures to resolve disputes," rather than eliminating the panels.
However, experts caution that the draft could be revised. The administration must give Congress 90 days' notice under trade law before beginning formal NAFTA renegotiations.
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