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NRF Welcomes Signing of NAFTA Update, Urges Approval by Congress

November 30, 2018

WASHINGTON--(BUSINESS WIRE)--Nov 30, 2018--The National Retail Federation welcomed today’s signing of the United States-Mexico-Canada Agreement and called for the measure – which would replace the landmark North American Free Trade Agreement – to be approved by Congress next year.

“At 25 years old, NAFTA was in need of an update, particularly in areas like digital commerce that didn’t exist a quarter-century ago,” NRF President and CEO Matthew Shay said. “This new pact takes many important steps toward giving us a modern trade agreement with our two neighboring countries and continues the trilateral framework that protects North American supply chains, supports millions of U.S. jobs and helps retailers provide American families with the products they need at prices they can afford. While there may be disagreements over details, it is critical that Congress approves this agreement in 2019 and that NAFTA remains in place until that can be done. The administration should continue to work to quickly resolve the outstanding issues. Withdrawal without a replacement is simply not an option. We also encourage the administration to remove the steel and aluminum tariffs from Canada and Mexico now that the agreement is signed.”

The new agreement, which was announced in early October, was signed today in Buenos Aires by President Trump, Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto as they attended a Group of 20 economic conference. The agreement is subject to approval by Congress and votes by the Canadian Parliament and Mexican Congress are also required.

About NRF

The National Retail Federation is the world’s largest retail trade association. Based in Washington, D.C., NRF represents discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest-private sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF.com

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View source version on businesswire.com:https://www.businesswire.com/news/home/20181130005455/en/

CONTACT: J. Craig Shearman (855) NRF-PRESS

PRESS@NRF.com

KEYWORD: UNITED STATES MEXICO NORTH AMERICA CENTRAL AMERICA CANADA DISTRICT OF COLUMBIA

INDUSTRY KEYWORD: CONVENIENCE STORE OTHER CONSUMER DEPARTMENT STORES DISCOUNT/VARIETY ONLINE RETAIL SUPPLY CHAIN MANAGEMENT RESTAURANT/BAR HOME GOODS PUBLIC POLICY/GOVERNMENT CONGRESSIONAL NEWS/VIEWS OTHER GOVERNMENT OTHER POLICY ISSUES MANUFACTURING PUBLIC POLICY WHITE HOUSE/FEDERAL GOVERNMENT STEEL RETAIL FASHION FOOD/BEVERAGE SPECIALTY SUPERMARKET CONSUMER

SOURCE: National Retail Federation

Copyright Business Wire 2018.

PUB: 11/30/2018 01:41 PM/DISC: 11/30/2018 01:40 PM

http://www.businesswire.com/news/home/20181130005455/en

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