HOUSTON (ICIS)--North American Free Trade Agreement (NAFTA) could further support regulatory cooperation promoting alignment on classification and labeling requirements, and collaborating on risk-based assessments for priority chemicals, the American Chemistry Council (ACC) said on Tuesday.
Following the release of joint statements regarding the NAFTA, the ACC issued a statement on Tuesday outlining the trade group’s latest stance on the renegotiation process.
“A modernised NAFTA presents an opportunity for North American chemical manufacturers to do even more to build upon the economic partnerships and supply chain synergies and inefficiencies that have been created through reduced barriers to trade,” the ACC said.
ACC listed five areas for the renegotiation of NAFTA that it considered key for the industry :
-Maintaining duty-free trade for all qualifying
-Modernising the rules of origin
-Modernising border measures and trade clearance disciplines
-Strengthening regulatory coherence
-Promoting greater alignment on chemical regulation
“Addressing regulatory cooperation opportunities holds great promise for better value creation and integration of the Canadian, Mexican and American economies,” the ACC said.
On rules of origin, the ACC said the goal should be to “reduce transactional time and costs to the maximum extent possible” while making sure the benefits apply only to NAFTA partners.
The third round of NAFTA negotiations will be held in Canada in late September.