A letter spearheaded by the U.S. Chamber of Commerce and signed by more than 600 businesses in 30 industries from all 50 states sent a letter to Congress Wednesday (July 24), calling on members to ratify the U.S.-Mexico-Canada-Agreement.
Soundings Trade Only reported that the National Marine Manufacturers Association (NMMA) also signed the letter.
According to the NMMA, the continued success of U.S. marine manufacturing depends on North American trading partnerships. A factsheet produced by NMMA that supports ratification of USMCA stated that 40 percent of annual U.S. boat and engine exports go to Canada and Mexico, with a value of $820 million. It also said that 18 percent of U.S. boat and engine imports come from Canada and Mexico, which have a $600 million value.
Under the USMCA, at least 60 percent of boat and engine materials must be made in North America. The agreement’s projected term duration is 16 years with review periods every six years. For issues of intellectual property, full national treatment of copyright laws will extend copyright terms from 50 to 70 years and establish IP enforcement on digital trade.
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