U.S., Canadian and Mexican business leaders applaud USMCA entry into force

Business leaders from the United States, Canada and Mexico commend the entry into force of the United States-Mexico-Canada Agreement (USMCA) that will strengthen and modernize the North American economic platform. Lance Fritz, Chairman, President and Chief Executive Officer of Union Pacific Corporation and Chair of the Business Roundtable Trade and International Committee, Juan Gallardo Thurlow, Chairman of the Board of CULTIBA and Head of the Business Roundtable of Mexico International Committee and Don Lindsay, President and CEO of Teck Resources Limited and Chair of the Business Council of Canada issued the following statement:

Business leaders applaud the entry into force of the modernized USMCA. We thank the governments of the United States, Canada and Mexico for their tireless work to preserve and strengthen trade and commerce across North America that will support economic growth and opportunity for our citizens. We welcome the historic, broad support from all three legislatures for the agreement. Business leaders will work together with the three governments to ensure USMCA achieves its objectives, sustains public support and helps meet the challenges from the COVID-19 global pandemic.

USMCA can accelerate the North American economic recovery, in part by providing much-needed certainty for businesses. This new enforceable trade deal will also promote modernized rules, foster digital trade and innovation leadership, facilitate trade and efficient border crossings, and improve regulatory alignment and competitiveness. To reap its expected benefits, the three governments should use the new tools and mechanisms available to promote cooperation and ensure full compliance with the enforceable commitments made.

We urge the U.S., Canadian and Mexican governments to coordinate closely on implementation and partner with the private sector and all stakeholders to achieve our shared goals of strengthening supply chain resilience and boosting the competitiveness of North America in the region and around the world. Duty-free trade will underpin the success of the agreement, and we urge all three governments to prioritize dialogue and cooperation and resist the imposition of duties, including Section 232 tariffs, and other barriers or measures that will undermine the objectives of the comprehensive trade agreement and weaken North American competitiveness.

By working together, we can ensure that the workers, farmers, families, communities and businesses of our three countries all benefit from USMCA and our economies emerge from the COVID-19 pandemic stronger than ever before.

Business Roundtable: Business Roundtable CEO members lead companies with more than 15 million employees and $7.5 trillion in revenues. The combined market capitalization of Business Roundtable member companies is the equivalent of over 27 percent of total U.S. stock market capitalization, and Business Roundtable members invest nearly $147 billion in research and development – equal to over 40 percent of total U.S. private R&D spending. Our companies pay $296 billion in dividends to shareholders and generate $488 billion in revenues for small and medium-sized businesses. Business Roundtable companies also make more than $8 billion in charitable contributions.

Business Council of Canada: Founded in 1976, the Business Council of Canada is a not-for-profit, non-partisan organization representing business leaders in every region and sector of the country. The Council’s member companies employ 1.7 million Canadians, contribute the largest share of federal corporate taxes, and are responsible for most of Canada’s exports, corporate philanthropy, and private-sector investments in research and development. Through supply chain partnerships, service contracts and mentoring programs, Business Council members support many hundreds of thousands of small businesses and entrepreneurs in communities of all sizes, in every part of Canada.

Consejo Mexicano de Negocios: The Consejo Mexicano de Negocios (CMN) is a non-profit, non-partisan organization founded in 1962. The CMN brings together the 50 largest Mexican business leaders to work together to make Mexico a more prosperous country. To do this, the CMN is building stronger institutions and shaping public policies that foster Mexico’s competitiveness. Currently the CMN is working in new ways to fight corruption and foster the rule of law. Through its different programs, the CMN has also supported hundreds of thousands of students and thousands of small businesses in the past eight years. The firms of the CMN employ over 2 million people and invest over 30 billion dollars globally every year.