MEMPHIS, Tenn. – The National Cotton Council (NCC) is pleased with the deal on the U.S.-Mexico-Canada Agreement (USMCA) reached today between the Administration, Congress and the governments of Mexico and Canada and urges swift Congressional approval.
NCC Chairman Mike Tate said, “This trade agreement will provide an additional $2.2 billion in U.S. economic activity and freer markets/fairer trade. Importantly, it will restore important trade certainty in the North American market which represents significant export market share for both U.S. cotton and cotton textile products.”
Mexico is the second largest export market for U.S. cotton textile/apparel products and Canada is the fourth largest for these goods. Mexico also is a top market for U.S. raw cotton.
The Alabama cotton producer noted that the USMCA, which updates and modifies the North American Free Trade Agreement (NAFTA), includes a textile chapter that offers significant improvements for domestic textile manufacturers and workers, including a stronger rule of origin for certain regional textile products and strong customs enforcement language.
The NCC also agrees with U.S. Trade Representative Robert Lighthizer’s statement that this agreement will benefit American workers, farmers, and ranchers for years to come and be the model for American trade deals going forward.