ARLINGTON, Va., May 22, 2017 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers & Affiliates (SOCMA) today commends Robert Lighthizer, the newly confirmed U.S. Trade Representative, for taking quick action under the Bipartisan Congressional Trade Priorities and Accountability Act (TPA) to begin the process for modernizing the North American Free Trade Agreement (NAFTA).
SOCMA Managing Director of Government Relations Robert F. Helminiak released the following statement about the modernization of NAFTA:
"For the past two decades, NAFTA has provided enormous benefit for the specialty chemical industry in United States. However, NAFTA was last negotiated almost 25 years ago, and our economy and businesses have changed considerably during that period, and there is a need for modernization of the agreement.
A modernized NAFTA should reflect progress made in other agreements, such as regulatory cooperation, transparency of chemical regulations, and strengthened intellectual property protection for agricultural chemicals. We would also like to see the Administration address identified inefficiencies in the agreement through the adoption of U.S.-Korea Free Trade Agreement (KORUS) rules of origin for chemicals and allowance of duty drawback.
SOCMA looks forward to working with the Administration to modernize NAFTA and ensure this agreement continues to benefit the U.S. economy and the unique role the specialty chemical industry plays in it."
Since 1921 SOCMA has represented a diverse membership of chemical companies located around the world bringing world-class support uniquely tailored to enhance the operational excellence of our member companies. SOCMA is the only U.S.-based trade association dedicated solely to the specialty chemical industry, making us the leading authority on this sector. For more information, visit www.socma.com.
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SOURCE Society of Chemical Manufacturers & Affiliates