The Office of the U.S. Trade Representative (USTR) has released an updated summary of U.S. objectives for the renegotiation of the North American Free Trade Agreement (NAFTA). The new objectives update the previous objectives published in July (see our July 18, 2017 update), and come after four rounds of negotiations among the United States, Mexico and Canada. The updated objectives reflect the goals of text proposals the United States has tabled in the NAFTA negotiations so far. The objectives include increased market access for agriculture, new transparency and administrative measures, expanded investment and intellectual property objectives, and completed negotiations on the chapters of Competition and Small- and Medium-Sized Enterprises. According to the USTR, the objectives for Trade in Goods include the first-ever objective for trade deficit reduction and an improvement in the U.S. trade balance with NAFTA countries.
The updated objectives “represent a serious effort to renegotiate the Agreement to update its provisions to the best 21st century standards and rebalance the benefits of the deal so that each country succeeds. U.S. proposals reflecting these objectives are supported by a diverse group of American interests. If these objectives are achieved, the United States will obtain more open, equitable, secure, and reciprocal market access, and the entire NAFTA region will benefit.”