| FOR IMMEDIATE RELEASE January 29, 2020 Contact: Jenny Gaines Senior Director, Communications & Engagement (571) 348-5110 jgaines@socma.org |
SOCMA Applauds President’s Signing of
United States-Mexico-Canada Agreement
ARLINGTON, VA – The Society of Chemical Manufacturers & Affiliates (SOCMA) applauds President Trump’s signing of the United States-Mexico-Canada Agreement (USMCA). The new agreement delivers a substantial win for chemical manufacturing and SOCMA members who have long advocated to update and modernize North American Free Trade Agreement (NAFTA).
“The simplicity of the new process rules, and specifically the rules of origin, are a major improvement for specialty chemical manufacturers,” said Jennifer Abril, SOCMA President & CEO. “The pact promotes risk-based cooperation and better protects confidential business information, which is critical to our industry.”
Specific highlights for the industry include:
- Modernized Chemicals Rules of Origin, which simplifies proving originating content of molecules with new structures.
- USMCA’s Sector Annex for Chemical Substances, which lists specific opportunities for enhanced cost efficiencies.
- Adequate protection of confidential business information as it pertains to secure data flows and data storage provisions in a trade deal.
The implementation phase begins when Canada ratifies the agreement. SOCMA looks forward to collaborating with our North American neighbors and trade-focused regulators to secure and maintain opportunities for members.
About SOCMA
SOCMA is part of a $300 billion industry that’s fueling the U.S. economy. Our members play an indispensable role in the global chemical supply chain, providing specialty chemicals and services to vital markets ranging from aerospace and electronics to pharmaceuticals and agriculture.
Solely dedicated to the specialty and fine chemical industry, SOCMA focuses on building commercial connections, supporting manufacturing and operations, and advocating for regulatory and legislative policies that advance our members’ ability to grow their businesses. Our network extends to influencers and decision makers in the specialty chemicals supply chain. For more information on this innovative organization, visit www.socma.org.